WTI Crude meets the 200 day moving average at 5195/99

Jason Sen DayTradeIdeas.co.uk

Daily Forecast - 25 May 2017

WTI Crude July contract

WTI Crude meets the 200 day moving average at 5195/99. In overbought conditions gains are likely to be limited, but with no sell signal yet, if we continue higher look for a move towards the 100 day moving average at 5235/40.

Below Monday's high at 5143 retests first support at 5100/5095 is strong today but if we continue lower look for more minor support at 5050/45 before good support at 5000/4990 for a buying opportunity. Longs need stops below 4960.

Oil Current Trading Positions

Sell 33%

Buy 67%

Avg Sell Price 48.89

Avg Buy Price 46.00

Liquidity Distribution

Author

Jason Sen

DayTradeIdeas.co.uk

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