WTI Crude was oversold short term & a small recovery as forecast hit our target & selling opportunity at 9180/90 with stops above 9230. This trade
WTI Crude November contract Daily Forecast - 24 September 2014WTI Crude was oversold short term & a small recovery as forecast hit our target & selling opportunity at 9180/90 with stops above 9230. This trade worked perfectly as we topped at 9209 & dipped to 9127. Below 9120 risks a retest of the 3 week low at 9065/45. You may remember this is incredibly important 2 year Fibonacci & 4.5 year trend line support & is likely to hold this week. However a break lower could then target September lows for the November contract at 8976/56.
The triple bottom here so far is very positive & could now trigger a good recovery to retest 9190/9210. A break higher today is more likely & targets 9255/65, perhaps as far as 9280/90. Watch for a high for the day here….but there is a good chance that Oil has formed a medium term low.
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