Technical forecast for WTI Crude

wti1

WTI Crude first support at 106.60/50 did hold the downside again as expected. However a break lower looks more likely today 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. If attempting longs here use stops below 104.90 & then use 104.50 as a buying opportunity.

107.80/90 is resistance at & we should struggle here but just above is the recent high of 108.17/25 & should hold the topside as we start to look overbought on the daily chart. However a break above 108.35 should trigger stops & 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.

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