Technical forecast for WTI Crude

wti2

WTI Crude did break lower as predicted to our buying opportunity at 104.50 & bottomed exactly here. The daily chart looks quite negative but in the short term we are oversold so the downside may be more limited today. 104.50 is good support again but 105.20 is where we should struggle on any rally. Above 105.40 however is more positive & could target 105.90. Look for a high for the day here to exit longs & try shorts with stops above 106.35. Try shorts again at 106.75/80 with stops above 107.10.

Keep stops on longs tight below 104.35 & be ready to go with a break looking for 103.65/50. We expect a low for the day here if tested. Exit shorts & try longs with stops below 103.20.

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