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.