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