WTI Crude almost reaches the 5810 target

Jason Sen DayTradeIdeas.co.uk

WTI CrudeJanuary contract

WTI Crude almost reaches the 5810 target (but gains are likely to be limited). Further gains retest that important resistance at 5890/5900. We topped exactly here last time & bagged up to 300 ticks profit on the sell off. Watch for the double top sell signal BUT a break (& close for confirmation) above 5950 is a short term buy signal targeting less important 18 month trend line resistance at 6100/6110.

Failure to beat 5810 targets 5750/45 before support at 5710/00. This held perfectly yesterday but further losses target 5665/55 before 5590/80. However longs look risky this time. A break lower targets the best support of the week at 5505/5495.

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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