WTI Crude again tested support in the 91.65/35 area & this held nicely. We then shot higher reaching the upper target of 93.50/80 where we advised to
Nymex WTI Light Crude July contract Daily Forecast - 04 June 2013WTI Crude again tested support in the 91.65/35 area & this held nicely. We then shot higher reaching the upper target of 93.50/80 where we advised to enter shorts & we topped exactly here in fact. Use stops above 94.20 as stated yesterday for the next resistance at 94.80/90.
We have been moving sideways in the past few sessions as suggested by our green arrow. We can cover some shorts at 92.75/65 today but below the 200 day moving average at 92.30 look for a retest of 91.45/25. The daily chart is still quite negative so keeps stops tight on any longs below 91.00. On a break lower look for a move towards 90.65 then 90.11/00. Exit shorts & try longs here looking for a low for the day.
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