The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( TheLFB-Forex) -- The last West Texas Intermediate (98.75) four-hour chart signal was generated Jul 13, with a break above 97.80 that targeted 99.10, which has completed its cycle. A near-term signal was generated on July 12, with a break higher from 97.00 that targeted 97.50.
WTI is trading in the lower half of a trading channel created in May and June that has 104.50 as upside resistance and 89.50 as downside support. The 97.50 price point is the technical area that has drawn in the most momentum over the last two months, and has created volatility again this week.
Potential for new trade signals to form is weak, after intraday moves bounced off the 200-day SMA area at 93.00 and hit resistance at 98.50 which is the 50-day SMA area. The previous reversal through resistance at 100.00 on WTI has created an upper barrier that will be very hard to break in one session. Now is not the time to be holding WTI positions for the long term as valuations look lost.Headlines: News wires are very quiet regarding crude oil valuations, but this is a week of important economic releases that will set valuations for July. Where to Now:
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