WTI Crude we wrote: outlook neutral/mildly positive but I very much doubt we are about to rocket higher. I expect more of a sideways consolidation range to establish itself now to ease oversold conditions but a V-shaped bounce looks unlikely. (As we wrote yesterday).
I am sticking with this outlook – it’s certainly working well so far this week.
Support at 2030/10 & first resistance at 2080/2100 were great scalping levels yesterday before we broke higher to 2130/40 & held strong resistance at 2170/2200.
Reports will be updated at about lunchtime GMT if necessary.
WTI Crude too risky to run swing shorts now. We are now using 2080/2100 as support to target 2130/40 & strong resistance at 2170/2200. However, be ready to buy a break above here targeting 2230/50 & 2310/20. Further gains look for 2350/70 & 2400/2430.
Second support at 2030/10 (held perfectly yesterday) but below here retests 1960/40 &1925/15. Obviously it’s risky to be short the closer we get to zero, but below here look for 1890 & 1860/50. The 2002 low is 1800/1785.
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