WTI crude oil: Bulls need a break above 41.47 for a breakout buy signal

Jason Sen DayTradeIdeas.co.uk

WTI Crude

WTI Crude November Future for 5 weeks we have been bouncing around in a 5 point range of 3660 – 4140/70. Down 1 week & up the next.

On Tuesday & Wednesday we recovered all of Friday & Monday's losses.

Daily Analysis

WTI Crude levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We were offered about 40 ticks profit on any shorts at minor resistance at 4020/40. The break higher yesterday topped exactly at strong resistance at 4100/20. Obviously bulls need a break above last week's high at 4147 for a breakout buy signal targeting 4200/20 & 4260/80.

Shorts at at 4020/40 target very minor support at 4080/70 then strong support at 4030/00. Try longs with stops below 3970. A break lower targets minor support at 3910/00 which held the downside so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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