WTI Crude Daily Forecast July 25th 2019

Intermediate

WTI Crude quickly collapsed back below 5695/5705 signalling losses to 5660/55, first support at 5630/20 then 5580/70 & 5540/30. We bottomed exactly here but further losses target 5500 before support at 5470/60. A break below 5440 is a sell signal targeting 5405/00, 5380/70, 5350/40 & perhaps as far as 5310/00. Gains are likely to be limited with minor resistance at 5620/30 & strong resistance at 5700/5715. I hope we do not see another spike to 5765 before we reverse!. A break higher targets 5780 with resistance at 5815/25.

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