WTI bearish as long as it holds below 50$

Daily Forecast - 19 May 2017

WTI Crude June contract

WTI Crude retested the 4960/65 high. We are battling 1 year & 6 month trend line resistance in the upper 4900's with Fibonacci resistance at 4980/90. The 4960/90 area is best chance of a high for the week. A break (& weekly close for confirmation) above 5020 however signals further gains towards 5090/5100.

AS LONG AS WE HOLD BELOW 5000 RISKS ARE TO THE DOWNSIDE IN THE 3 MONTH BEAR TREND AS WE BECOME OVER BOUGHT ON THE DAILY CHART. Downside targets are 4930/20 & 4880/70 then support at 4830/20. Again longs need stops below 4800. A break lower targets 4785 & quite strong support at 4745/35.


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