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 bottomed exactly at minor support at 5875/65.
Daily Analysis
WTI Crude holding minor support at 5875/65 again yesterday 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
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