WTI Crude Oil Minimum Medium Term Upside Target at 86.33
The Saudis are reported to need oil at $84 to balance their budget.
By happy coincidence for them the minimum upside target
created by the reverse head and shoulders is 86.33.
In the nearer term WTI is flipping in a 300 pip range with
support off the last highs at 66.48 and resistance at 69.48.
It has to break below here by 10 pips or more to trigger
further near term weakness and a short back to the 63.76 line
where it should reverse higher again.
Returning to the upside although WTI is likely to move
sideways for a while longer as it unwinds the last 800 pip
rally, whilst it holds up at 66.48 the trend remains positive
overall.
Once it breaks above 69.55 it should rally further to 71.14 and
then, after consolidating some more at that point, to 75.28
and eventually to 86.33, the minimum target created by the
RHS.
The Saudis are reported to need oil at $84 to balance their budget.
By happy coincidence for them the minimum upside target
created by the reverse head and shoulders is 86.33.
In the nearer term WTI is flipping in a 300 pip range with
support off the last highs at 66.48 and resistance at 69.48.
It has to break below here by 10 pips or more to trigger
further near term weakness and a short back to the 63.76 line
where it should reverse higher again.
Returning to the upside although WTI is likely to move
sideways for a while longer as it unwinds the last 800 pip
rally, whilst it holds up at 66.48 the trend remains positive
overall.
Once it breaks above 69.55 it should rally further to 71.14 and
then, after consolidating some more at that point, to 75.28
and eventually to 86.33, the minimum target created by the
RHS.
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