12 May 2015
WTI might move lower towards 5790/5780 support – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, shares the technical outlook for WTI Crude June contract, expecting a move lower towards support at 5790/5780 on a break below 5880/5850.
Key Quotes
“WTI Crude failure to beat first resistance at 5960/5970 targets 5880 then 5850 & Friday's low at 5814. Be ready to go with a break lower to target the first strong support level at 5790/5780. There is a good chance this will hold the downside today, as we become oversold in the short-term. Try longs with a stop below 5745. A break lower however is a sell signal and targets 5705/00 then 5665 and perhaps as far as minor support at 5635/5630.”
“First resistance at 5960/65 to try shorts with stops above 6000. A break higher targets 6025 then 6075/6080. If we continue higher look for the 200 month moving average at 6110/6130. Use this as a selling opportunity with a stop above 6165.”
Key Quotes
“WTI Crude failure to beat first resistance at 5960/5970 targets 5880 then 5850 & Friday's low at 5814. Be ready to go with a break lower to target the first strong support level at 5790/5780. There is a good chance this will hold the downside today, as we become oversold in the short-term. Try longs with a stop below 5745. A break lower however is a sell signal and targets 5705/00 then 5665 and perhaps as far as minor support at 5635/5630.”
“First resistance at 5960/65 to try shorts with stops above 6000. A break higher targets 6025 then 6075/6080. If we continue higher look for the 200 month moving average at 6110/6130. Use this as a selling opportunity with a stop above 6165.”