Technical outlook and chart setups:
WTI Crude has bounced off smartly from last week's lows around $38.00 and is trading above $44.00 at the moment. Crude might formed an important low last week, and could be on its way up, towards $60-70 from here on. It is hence recommended to initiate long positions now and also look to add around $40.50/41.00 with risk below the levels of $38.00. Immediate support is seen at $38.00 followed by $37.00, $30.00, and lower, while resistance is seen at $60.00/70.00, and higher.
Initiate long positions now, stop is at $37.00, a target is open.
The material has been provided by InstaForex Company – www.instaforex.com