Friday, July 10, 2015

West Texas Light Crude (WTIC) - Testing Support on Weekly Chart?

As stated in our previous post on this commodity (on 5/27/15),  West Texas Light Crude (WTIC) could return to about the $53 level to untested support where a breakout above resistance previously occurred.

Now West Texas Light Crude (WTIC) priced at $52.81 appears to be testing potential support at week's end after being turned back at resistance based on my analysis of the following weekly closing price chart.  

Will support hold or will WTIC continue falling from here? Only time will tell.

Click Chart to Enlarge

Not Investment Advice | Important Disclaimer: 
The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

Financial Disclosure:
The author/publisher has no position in oil at the time this article was written.

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