WTI Crude Oil pushed higher to 94.37 & failed just below 94.81/96 where we predicted a high. We then collapsed to the target of 91.99 & have bounced from here. Any rally is expected to be short lived but we could reach for 93.14/40. Watch for a high for the day here but if we do continue
higher we may reach 93.87/92 for a selling opportunity.
Support at 91.99/92 may hold if retested but the daily outlook remains weak & so an eventual break lower should target 91.58 which may provide a floor today. If however we break 91.10 look for 100 day & 21 week moving average support at 90.90/80. Below here 200 day MA at 90.43 then the up trend line at 90.00 should be a buying opportunity at this stage.
Long term levels
100.42 Sept High
98.24 Jan High
97.84 Weekly 61.8% Fibonacci
97.49 Last Week’s High
94.89 23.6% Fibonacci
94.73 100 Week Moving Average
92.44 Last Week’s Low
The article was first published by DayTradeIdeas.com