Technical forecast for WTI Crude

WTI Crude again tested support in the 91.65/35 area & this held nicely. We then shot higher reaching the upper target of 93.50/80 where we advised to enter shorts & we topped exactly here in fact. Use stops above 94.20 as stated yesterday for the next resistance at 94.80/90.

We have been moving sideways in the past few sessions as suggested by our green arrow.
We can cover some shorts at 92.75/65 today but below the 200 day moving average at 92.30 look for a retest of 91.45/25. The daily chart is still quite negative so keeps stops tight on any longs below 91.00. On a break lower look for a move towards 90.65 then 90.11/00. Exit shorts & try longs here looking for a low for the day.

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