WTI crude seeing panic buying despite overbought conditions

Jason Sen DayTradeIdeas.co.uk

WTI Crude

WTI Crude JANUARY Future beat 4325/35 & the continuation chart high of this yearsat 4365/78, the January contract September high at 4400/15 & resistance at thisyear’s January contract high (in August) at 4450/60 to hit 4572 seeing a near 300ticks gain.

Daily Analysis

WTI Crude seeing panic buying despite overbought conditions. Holding above4470/50 retests the high so far at 4550/70. Further gains target 4600/10, 4665/75 &even as far as 4710/30.

First support at 4470/50 but below here targets 4410/00. Downside is expected to belimited after bulls seized control but below here look for 4350 then a buyingopportunity at 4310/4290.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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