WTI Oil: Resistance at 51.90 main challenge for bulls

Daily Forecast - 20 April 2017

WTI Crude June contract

WTI Crude JUNE: Resistance at 5135/40 but 5180/90 the main challenge for bulls today. A high for the day possible but if we continue higher look for quite strong resistance at 5260/70. Shorts need stops above 5300.

Below 5090 retests yesterday's low at 5055/51 but we could continue lower to support at 5015/10. A bounce from here possible on the first test, but longs need stops below 4975.

WTI Oil

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.