WTI Crude
WTI Crude November Future for 5 weeks we have been bouncing around in a 5 point range of 3660 – 4140/70. Down 1 week & up the next.
On Tuesday & Wednesday we recovered all of Friday & Monday's losses. Yesterday we held the low for the week & headed back towards Wednesday's high. Friday was then a narrow inside day. Clearly we are in a sideways trend.
Daily Analysis
WTI Crude levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We topped exactly at strong resistance at 4100/20 last week. Obviously bulls need a break above October's high at 4147 for a breakout buy signal this week targeting 4200/20 & 4260/80.
Shorts at at 4100/20 target strong support at 4030/10 (we bottomed exactly here on Friday). Longs need stops below 3985. A break lower targets minor support at 3910/00 which held the downside twice so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.
Chart
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