Technical forecast for WTI Crude

wti1

WTI Crude hit profit taking as predicted hitting out target of 95.50 & in fact bottomed exactly here. We could continue lower today for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.95. Then look for 93.64 as the next support.

If we hold on to 95.50 we could crawl higher to try resistance at 96.45/60. We should struggle here but a push higher targets 97.00/17 for a selling opportunity. Stops above 97.35 for a run to April highs at 97.80 & another selling opportunity, but will need stops above this year’s high of 98.24.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More