WTI Crude low just 12 ticks below the the best support for the day at 6945/35

WTI Crude August contract

WTI Crude low just 12 ticks below the the best support for the day at 6945/35. The recovery tests first resistance at 7060/70 but we could reach a selling opportunity at 7150/60 today, with stops above 7200.

Failure to beat first resistance at 7060/70 risks a retest of strong support at 6945/35. Try longs with stops below 6885. A break lower is expected eventually, although more likely next week than today, to target & Fibonacci support at 6825/15.

WTI

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