WTI Crude Oil headed lower as expected to reach the 98.55/50 level and just held on for a bounce to 99.57.
Pressure does remain to the downside with the large double top pattern looking to dominate in the weeks to come. A move below 98.50/40 should then signal a test of recent lows at 97.55/40 today. Failure here would then set us up for a test of very good support at 96.94 which would be expected to attract buyers and therefore hold the downside today.
If the market can hold above 99.35 we can test resistance at 99.90/100. We may not make it any higher today so attempt short positions here with stop losses placed above 100.60. A break through here brightens the short term out look allowing a return to 101.10/30. Attempt short positions here once again today with stop losses placed above 101.65. Attempt shorts
then in the 102.00/25 area.
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