Technical forecast for WTI Crude

wti1

WTI Crude overbought on the daily chart so the outlook is more negative as we bounced from just above 104.90/80 support yesterday. Immediate support at 105.59/49 then 105.00/90 today. 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.

Immediate resistance at last week’s high of 107.15/45 could hold the topside for a selling opportunity 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