WTI Crude Oil: a break above 6000 takes us towards a selling opportunity

Jason Sen DayTradeIdeas.co.uk

WTI Crude

WTI Crude January Futures

WTI Crude trading sideways for a week in overbought conditions but with no sell signal yet we are likely to continue sideways, perhaps a little higher. We collapsed to 5810/00 & held, unfortunately not as far as our buying opportunity at 5785/75. Same levels apply for today.

Daily Analysis

WTI Crude holding minor support at 5875/65 again as I write to re-target 5915/25 before a retest of 5975/85. A break above 6000 takes us towards a selling opportunity at 6080/6100, with stops above 6140.

Below 5875/65 re-targets 5810/00 but try longs at 5785/75 with stops below 5750. A break lower is a sell signal targeting 5700/5690, perhaps as far as 5655/45.

Trends

Weekly outlook is neutral

Daily outlook is positive

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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