WTI Crude May Futures
WTI Crude trading in sideways range exactly as predicted on Monday & we topped exactly at first resistance at 2520/40.
Daily Analysis
WTI Crude holding above 2450 meets resistance again at 2520/40 (we topped exactly here yesterday in fact) & 2580/2620 with strong resistance at 2700/2720 where we watch for a high for the day. Further gains meet strong resistance again at 2780/2800. Might be worth scaling in to shorts across these 2 levels. Stop above the last swing higher at 2850.
Holding below 2400 re-target 2380/60 & 2330/10, perhaps as far as 2275/55 (we held just above here yesterday). Expect support at 2200/2180 (& the downside should be limited if we are establishing a sideways trend as I expect). However further losses risks a retest of the May contract low at 2070/50. Below $20 targets 1980/70 & 1925/15. Obviously it's risky to be short the closer we get to zero, but below here look for 1890 & 1860/50. The 2002 low is 1800/1785.
Trends
Weekly outlook is negative.
Daily outlook is negative.
Short Term outlook is neutral.
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