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WTI: USOIL Still on Target for 86.33 but overbought near-termWTI USOIL After consolidating off the 66.48 line but never threatening long stops under here WTI has pushed 550 pips and more higher to 72.28 so far. It's a little overbought in the near term and looks like it will consolidate back to 70.69 and then bounce 150 pips or so - and then come back again, doing so 3 or 4 times before it pushes higher still. The overall trend is still positive and will remain so as long as 70.37 holds in the near term and at the worst the 69..48 line holds up on any retests from here. Swing traders can leave long stops below here and let it run for now towards 75.28 and eventually to 86.33 (which is the minimum upside target created by the reverse head and shoulders on last update).
TVC:USOILLong
by sumastardon
WTI: US OIL Minimum Upside Target at 86.33WTI Crude Oil Minimum Medium Term Upside Target at 86.33 The Saudis are reported to need oil at $84 to balance their budget. By happy coincidence for them the minimum upside target created by the reverse head and shoulders is 86.33. In the nearer term WTI is flipping in a 300 pip range with support off the last highs at 66.48 and resistance at 69.48. It has to break below here by 10 pips or more to trigger further near term weakness and a short back to the 63.76 line where it should reverse higher again. Returning to the upside although WTI is likely to move sideways for a while longer as it unwinds the last 800 pip rally, whilst it holds up at 66.48 the trend remains positive overall. Once it breaks above 69.55 it should rally further to 71.14 and then, after consolidating some more at that point, to 75.28 and eventually to 86.33, the minimum target created by the RHS.
TVC:USOILLong
by sumastardon