WTI Crude hit our target & support at 92.80/75 & although we tested the 200 day moving average at 92.30 we just held on to allow longs to be held for the expected bounce. We then reached resistance at 94.40/50 where we advised to try shorts & this was the exact high. Today the outlook is a little more positive so be ready with stops on any shorts above 94.90. We should then test the next resistance at 95.50 for another selling opportunity with stops above 96.00. A break higher could take us as far as 97.00/17 May highs.
Failure to break 94.50 targets 93.65 & a bounce possible but below here look for 92.85/75 support & a potential low for the day. Try longs but be ready to add down to the 200 day moving average at 92.30 with stops below 92.00. We then look for the next support at 91.60/40.