June 11, 2014
Light Sweet Crude Oil recently reached the resistance level 105.00 that was set as the buy target in our earlier forecast for this instrument. Due to the strength of this resistance level, WTI immediately backed down from 105.00 with the daily Doji.
WTI correct down to the lower support trendline of the daily up channel from January – from where WTI is likely to reverse up to the next buy target at 106.00. Alternatively, WTI can rise straight to the buy target 106.00 – without correcting to the aforementioned support trendline. The nearest price action will show which scenario is more likely.
The post HY MARKETS News: Commodities Report:Light Sweet Crude Oil (WTI) appeared first on | HY Markets Official blog.
