Technical forecast for WTI Crude

wti4

WTI Crude bounced off 103.65/50 as predicted & beat 104.50 for a selling opportunity at 105.10/20 with stops above 105.40. We did trade at 105.43 but if stops were not triggered we can look for a move back below 104.95 to 104.70/60 for profit taking on shorts. The outlook is still quite negative so any longs need stops below 104.40 for 104.00/90. Any further weakness should retest this week’s low of 103.60/50. A bounce from here is possible again today but longs
need stops below 103.20.

Resistance at 105.30/40 could hold the topside again but be ready to go with a break higher to target 105.85/90. We should look overbought short term here so exit longs & try shorts with stops above 106.10.

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