Daily CL Outlook Short Term/Long Term
Recap: Yesterday's EIA reports pushed WTI out of its short term bullish channel and long term sideways channel.
Short term: After breaking through key resistance levels yesterday and testing short term support on numerous occasions, WTI looks poised for further short term upside.
Long term: After breaking through long term resistance, WTI has paved the way for further upside in excess of $70/bbl. Note such breakouts generally return to test resistance-turned-support.
Short term: After breaking through key resistance levels yesterday and testing short term support on numerous occasions, WTI looks poised for further short term upside.
Long term: After breaking through long term resistance, WTI has paved the way for further upside in excess of $70/bbl. Note such breakouts generally return to test resistance-turned-support.