11 Feb 2015
Technical outlook for WTI Crude – DayTradeIdeas
FXStreet (Barcelona) - Jason Sen of DayTradeIdeas, shares the technical outlook for WTI Crude March contract, noting that they key level to direction would be the resistance at 5130/40.
Key Quotes
“WTI Crude key to direction today is first resistance at 5130/40. Failure to beat this area should trigger a move lower to 5070/65 then a retest of good support at 5000/4990. Try longs with stops below 4950.”
“Be ready to go with a break lower however using 4990 as resistance for a move towards 4905 & perhaps as far as 4890/80. This could hold the downside but longs need stops below 4850.”
“A break lower targets 4830 then strong support at 4770/60 for a buying opportunity with stops below 4730.”
“Watch first resistance at 5130/40. Shorts need stops above 5175 & be ready to go with a break higher using 5140 as support for a move towards 5235/45. We should struggle here but shorts need stops above 5255.”
“A break higher could target 5320/30 for a selling opportunity with stops above 5350”
Key Quotes
“WTI Crude key to direction today is first resistance at 5130/40. Failure to beat this area should trigger a move lower to 5070/65 then a retest of good support at 5000/4990. Try longs with stops below 4950.”
“Be ready to go with a break lower however using 4990 as resistance for a move towards 4905 & perhaps as far as 4890/80. This could hold the downside but longs need stops below 4850.”
“A break lower targets 4830 then strong support at 4770/60 for a buying opportunity with stops below 4730.”
“Watch first resistance at 5130/40. Shorts need stops above 5175 & be ready to go with a break higher using 5140 as support for a move towards 5235/45. We should struggle here but shorts need stops above 5255.”
“A break higher could target 5320/30 for a selling opportunity with stops above 5350”