WTI Crude crashed to 38.2% Fibonacci support at 5734

Jason Sen DayTradeIdeas.co.uk

WTI Crude JULY contract

WTI Crude crashed to 38.2% Fibonacci support at 5734. Obviously severely oversold in the short term & the bounce reaches 5829 as I write before first resistance at 5880/90. A high for the day certainly possible but shorts need stops above 5910. A break higher targets 5950/60. Above 5980 allows a further recovery to strong resistance at 6020/30.

Best support at 5735/25 but below 5715 is another sell signal targeting 566050 & 5620/10.

Author

Jason Sen

DayTradeIdeas.co.uk

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