[DAILY NOTION] WTI Crude Levels Are Still Relevant

WTI Crude November Future

For five weeks we have been bouncing around in a 5-point range of 3660 – 4140/70. Down one week & up the next.

On Tuesday & Wednesday, we recovered all of Friday & Monday's losses. Yesterday we held the low for the week & headed back towards Wednesday's high. Friday was then a narrow inside day. Clearly we are in a sideways trend.

Daily Analysis

WTI Crude levels are still relevant but if you find yourself with a profitable position I suggest you take it quickly! We topped exactly at strong resistance at 4100/20 last week. Obviously bulls need a break above October's high at 4147 for a breakout buy signal this week targeting 4200/20 & 4260/80.

Shorts at at 4100/20 target strong support at 4030/10 (we bottomed exactly here on Friday). Longs need stops below 3985. A break lower targets minor support at 3910/00 which held the downside twice so far this week. A break lower this time targets 3860/40. On further losses look for 3770/60.

Daily Outlook: Neutral

Source: https://www.fxstreet.com/analy...#WTICrudeOil#