WTI Crude Oil: bulls looking for a break above 58.70 to gain control

Jason Sen DayTradeIdeas.co.uk

WTI Crude

WTI Crude January Futures

WTI Crude unable to sustain a break above the November high of 5874.

Daily Analysis

WTI Crude must close the week above the November high at 5870/74 for bulls to gain control next week. Yesterday we topped exactly at the next target of 5915/20 but we meet important 8 month trend line resistance at 5975/85.

Important support at 5830/15. Longs need stops below 5800. A break lower is a sell signal targeting 5755/50. Below 5730 look for strong support at 5685/75.

Trends

Weekly outlook is neutral

Daily outlook is positive

Short Term outlook is positive

Author

Jason Sen

DayTradeIdeas.co.uk

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