WTI Crude Oil: Important Trend Line At 4720/40
By Jason SenCommoditiesSep 29, 2016 01:50AM ET
By Jason Sen | Sep 29, 2016 01:50AM ET
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.