WTI Crude Oil: 24.40 is the last line of defense for bulls

Jason Sen DayTradeIdeas.co.uk

WTI Crude May Futures

WTI Crude rocketed from a gap lower to 2528 on the over night open to 2824 then sold off to key support at 2615/2590 & held.

Daily Analysis

WTI Crude bottomed exactly at key support at 2615/2590 over night. Below 2560 however retests the 2530/25 over night low with further losses targeting support at 2440/00.

This is the last line of defence for bulls. A break lower targets 2350 & 2320/00. Holding above key support at 2615/2590 targets 2690/2700 then 2780/90 with first resistance at 2825/45 before a retest of 2910/15. A break higher meets strong resistance at 3020/50.

Trends

Weekly outlook is negative.

Daily outlook is neutral.

Short Term outlook is positive.

Author

Jason Sen

DayTradeIdeas.co.uk

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