WTI: Potential For 71.50 Testing Before Reaching 69.50 First Target

Published on Thursday, 12 July 2018 08:12 ,by  FxGrow Investment Research Desk




AUG CRUDE OIL (70.61) 
 
Target price: 71.57, 69.58
 
resistance: 71.44-71.79
 
Support: 69.47-66.43
 
Trend: Down / daily close
 
Trend reversal price: 74.70 / daily close
 
Comment: Yesterday's action has changed the minor trend for Aug Crude Oil to down with very recent trade looking weak. We have currently traded below the first swing target for this market (71.57). The next objective is 69.58. A reversal and rally through 74.70 is needed to change this pattern. Historical analysis of this minor swing pattern shows a definite bearish bias for today's action, with the odds of this market taking out yesterday's low in the next two trading sessions around 69 percent. 

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