Technical forecast for WTI Crude

wti

WTI Crude hit the 107.99/108.05 target with trend line resistance at 108.25/35 limiting the topside as predicted. We then bounced off the first support at 106.60/50 exactly as predicted. 108.17/25 is obvious resistance today therefore but we are in a 6 day up trend so a break above 108.35 is possible & should target August highs at 108.82. Exit longs here & try shorts up to July highs at 109.32 expecting to hit profit taking this week. Stops on shorts needed above 109.60.

First support is at 106.60/50 & could hold the downside again today. However if we continue lower look for a test of good support at 105.95/90 & a buying opportunity. Exit shorts & try longs with stops below 105.55. A test of 105.19/15 could then follow if we continue lower.

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