WTI Crude January contract
WTI Crude tumbled 300 ticks from our selling opportunity at 5890/5900 to our ultimate target & short term buying opportunity at 5590/80. We bottomed exactly here. You simply cannot do any better than that!! A bounce targets 5650/60 before strong resistance at 5690/5700 for profit taking on longs. Ideally we scale in to shorts from here up to 5775 (because there is also resistance at 5750 & 5775) with stops above 5810.
Longs need tight stops below 5550 to target strong support at 5505/5495. By this stage we should be getting oversold in a bull trend, so try longs with stops below 5450.
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