WTI Crude Oil April Contract - Forecast for 02/28 by Daytradeideas.com

WTI Crude Oil retested resistance at 93.40 & held as expected. Today there is a much better chance that we can break higher to reach 94.30/50 & we could even stretch towards 95.01 which should provide a good selling opportunity with a top expected.Support at 92.18/92 could hold again if retested with the very short term picture more positive for today at least. The daily outlook remains weak however & so a break should target 91.58 & a floor likely if tested this week. If we break 91.10 however 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 levels100.42      Sept High98.24        Jan High97.84        Weekly 61.8% Fibonacci97.49        Last Week’s High94.89        23.6% Fibonacci94.73        100 Week Moving Average92.44        Last Week’s Low

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