Forex Technical Update
WTI Crude Oil 1H chart 11:25AM EDT 6/28/2012
WTI crude has been consolidating since making a low of about 77.55 last Friday. This week, prices slowly rallied up to 80.95. Holding under 81, and forming a double top in the 6/28 European-US session, WTI oil prices are now falling sharply back below 80, and below a consolidation pattern support.
If we get a pullback and the market still remains below 80.00, we are likely to continuing the bearish outlook. The 1H char shows the short-term target of 77.56.
Below 77.50, we open up the next support pivots from the 2011 summer low at 75.00 and 75.60. A swing projection of the 2011 summer slide would project lower between 70 and 71, but for now, the bearish outlook is limited to the 75-75.60 area.
WTI Crude Oil Weekly chart 6/28/2012
Fan Yang CMT is the Chief Technical Strategist, trader, educator and a of the main contributors to FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
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