Technical forecast for WTI Crude

wti

WTI Crude held below 99.00 to keep us short & we headed lower as expected as we close in on strong support at 97.10/90. This may hold the downside but today’s outlook remains negative so break lower is very possible for 96.45/40 & even as far as good support at 96.10/90 for a buying opportunity today with stops below 95.60.

If we hold on to support at 97.10/90 look for a short term recovery towards 98.03 but possibly no higher. However any further gains meet 98.67/74 for a selling opportunity with stops above 99.00.

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