WTI Crude Oil hit our first target for the April contract of 92.85/82 & bottomed only a little lower at 92.63. We expect the bounce to continue over the next 2 session to target 93.92 & then 94.72.
This is only a correction in what should be a developing down trend & therefore we may want to exit longs here. If we manage to push any higher we can test trend line resistance at 95.15, possibly Fibonacci at 96.02.
Support at 92.80/60 could be expected to hold again today but longs need a stop below 92.40 as we can then target 91.99 & possibly 91.52/30.
Long term levels
100.42 Sept High
98.24 Jan High
98.11 Last Week’s High
97.84 Weekly 61.8% Fibonacci
94.97 Last Week’s Low
94.89 23.6% Fibonacci
94.73 100 Week Moving Average
The article was first published by DayTradeIdeas.com