Technical forecast for WTI Crude

wti4

WTI Crude resistance at 94.40/50 has held the last couple of sessions & we can try shorts here again today with stops 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.

With the daily chart looking negative, failure to break 94.50 targets 92.85/75 support with the
200 day moving average just below at 92.30 & a potential low for the day. We could try small
longs here with stops below 92.00. We then look for the next support at 91.60/40.

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