Technical forecast for WTI Crude

wti

WTI Crude Aug finally made it to our selling opportunity up to 106.65/85 & we topped exactly here in fact. We are overbought on the daily chart so today’s outlook is more negative. There is a risk of profit taking to support at 105.59/49 then 104.90/80 but below here good support at 104.30/00. We look for a low for the day & a bounce from here. However a break confirms we can continue lower to 103.30/20 then 102.30/10 for a buying opportunity with stops below 101.80.

Above 106.85 however there is not much to stop a retest of last week’s high at 107.35/45. Exit longs & try shorts with stops above 107.75.

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