Technical forecast for WTI Crude

wti

WTI Crude unable to reach 9445 in a near 3 month bear trend & as expected we saw lower prices at the start of the week.Immediate resistance at 9320 & below here keeps the market under pressure risking a retest of Nov lows at 9255/50. This held the downside yesterday as expected as we bounced from 9272 & the 9272/52 area could hold again today. However a break lower cannot be ruled out & could target excellent support at 9200/75 for a buying opportunity & an end to the correction.

Above 9320 is less negative & target 9360 then 9395. If we continue higher we meet yesterday’s high & Fibonacci resistance at 9428 & a high for the day likely. Only a break above 9455 turns the outlook more positive.

Weekly outlook: The 200 week moving average & 17 month trend line support at 91.90/70 offers a buying opportunity & a low for the 2 month correction expected. A daily close above 96.00 is more positive & could target strong resistance at 98.70/70.

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