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11 May 2015
WTI likely to head lower – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, gives the technical outlook and key levels for WTI Crude June contract, noting that it is likely to undergo a correction and head lower.
Key Quotes
“WTI Crude needs a correction & is likely to head lower at the start of the week. Failure to beat 5955/5965 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.”
“Only a sustained break above 5965 rescues bulls & shorts need stops above 6000 to target 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 needs a correction & is likely to head lower at the start of the week. Failure to beat 5955/5965 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.”
“Only a sustained break above 5965 rescues bulls & shorts need stops above 6000 to target 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.”