WTI Crude Oil headed lower as expected to test support at 96.21/10 and a good buying opportunity but we did dip a little further to 95.89 before a small bounce. The outlook remains weak for today so any bounce looks to be limited with resistance at 96.42 but above here we could reach for 96.90/97.00 where it should be worth trying shorts with a stop above 97.35.
Support today at yesterday’s low of 95.89 but a break is very possible to target last week’s low and the 21 day moving average at 95.45/35. We could exit any shorts here with a good chance of a low for the day but any longs here need to keep a tight stop as continued weakness could then target 94.90/80. This should be a very good buying opportunity today with a low expected if we fall this far.
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Long term levels
100.42 Sept High
98.24 Last Week’s High
97.84 Weekly 61.8% Fibonacci
95.47 Last Week’s Low
94.93 100 Week Moving Average
94.06 Weekly 50% Fibonacci
91.05 200 Day Moving Average
90.46 100 Day Moving Average
The article was first published by DayTradeIdeas.com
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