WTI Crude Oil: Important Trend Line At 4720/40

By Jason SenCommoditiesSep 29, 2016 01:50AM ET

www.investing.com/analysis/wti-crude-oil-daily-forecast—29-september-2016-200156162
WTI Crude Oil: Important Trend Line At 4720/40

By Jason Sen   |  Sep 29, 2016 01:50AM ET

WTI Crude Weekly Chart

WTI Crude Weekly Chart

WTI Crude hits important trend line and 100 week moving average resistance at 4720/40. There is a good chance we have already seen a high for the day and could turn lower to 4680/80, perhaps as far as good support at 4640/30. Watch for a low for the day, but longs need stops below 4600. On a break lower, look for a buying opportunity at 4560/50.

A break above the September high at 4775 is a buy signal, despite overbought conditions targeting 4820/30 then 4845/50 & 4875/80.

Leave a Reply

Your email address will not be published. Required fields are marked *