Back
15 Apr 2015
WTI approaching key resistance - 2ndSkies
FXStreet (Bali) - WTI looks like its wanting to break higher from the key resistance at 53.75, notes Chris Capre, Founder at 2ndSkies.
Key Quotes
"Still stuck in a major range, WTI looks like its wanting to break higher from the key resistance at 53.75 we've talked about in prior member commentaries. Notice how the last pullback stalled pretty quickly and found bids shortly after."
"This marks a HL (higher low) and its been pretty consistently bid since just touching 50 on the latest pullback."
"A break above here + daily close would trip some MT stops, so would expect a run up towards 55 shortly after. Only impulsive selling from here gives the bears some fresh air. But a potential breakout-pullback setup above resistance should strong buying come in from here."
Key Quotes
"Still stuck in a major range, WTI looks like its wanting to break higher from the key resistance at 53.75 we've talked about in prior member commentaries. Notice how the last pullback stalled pretty quickly and found bids shortly after."
"This marks a HL (higher low) and its been pretty consistently bid since just touching 50 on the latest pullback."
"A break above here + daily close would trip some MT stops, so would expect a run up towards 55 shortly after. Only impulsive selling from here gives the bears some fresh air. But a potential breakout-pullback setup above resistance should strong buying come in from here."