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
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