Rafferty Commentary in RigZone - February WTI Crude Oil
In our comments about February WTI Crude Oil this morning to RigZone, Rafferty Commodities Group shared our daily chart, which shows the significance of the downward sloping bear trend line. This long-standing trend line contained the market’s trend since October. While we took advantage of the trading opportunities to sell against this declining value of resistance, we said that we would change quickly from a Seller to a Buyer if prices could break out above this trend line. Since October, the market has provided us with many opportunities to buy and sell against the support and resistance we stated. That all changed last Friday, Jan. 4, when prices broke out above the trend line at 4730. Since then, we listed 4957 and 5000 as the two closest resistance for possible profit-taking. But the power of the breakout has proven to be even stronger. We now look for prices to challenge the December highs near 5500. While you're here, see more of what you've been missing by taking advantage of our 30-day, no-cost, no-obligation trial of Wake Up to ENRG.