WTI Crude Oil was predicted to sell off on Friday & we saw sharp losses for a retest of Feb lows at 95.06/94.97. We bounced just above here & with short term oscillators flashing over sold we should hold this support if tested again today. We are looking for a move towards resistance at 96.17, possibly 96.54 above. If we push higher we expect a high at 96.90/97.00, & are looking to sell in to shorts here with a stop above 97.50.
Longs need a tight stop below 94.70 however as the daily outlook remains weak & a break lower targets 94.20 then 93.80/70 & much better support below at 93.10/92.90. This could mark the low for the week if tested.
Long term levels
100.42 Sept High
98.24 Jan High
98.11 Last Week’s High
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97.84 Weekly 61.8% Fibonacci
94.97 Last Week’s Low
94.89 23.6% Fibonacci
94.73 100 Week Moving Average
The article was first published by DayTradeIdeas.com
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