WTI oversold conditions to ease: Target at $46.00
|Daily Forecast - 22 September 2016
WTI Crude November contract
WTI Crude recovery allowing oversold conditions to ease as we target 4600/05. However we are overbought short term now in the sideways trend so could start to hit selling pressure. First resistance at resistance at 4635/40 could see a high for the day, but further gains meet stronger resistance at 4725/35. Try shorts with stops above 4765.
Failure to beat 4600 targets first support at 4570/60 but look for better support at 4510/00. A good chance of a low for the day but longs need stops below 4470. Just be aware that further losses target 4440/30.
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