WTI Crude holding below the 500 week moving average & also the 2019 high at 6630/60 is a sell signal. I would suggest selling a recovery with resistance at 6580/6600. If we unexpectedly continue higher look for strong resistance at 6660/80.
Bulls need a break above 6700 to retest 6780/6800. A break higher takes us as far as 6900 this week.
Eventually the bears are likely to gain control again today with a break below 6450 to target 6380/60 & 6320/00. If we continue lower look for 6260/50.
Bear in mind that April is trading about 10 ticks below April.
TRENDS
- Weekly Outlook Positive
- Daily Outlook Positive
- Short Term Outlook Positive
WTI Crude Oil Chart 