WTI Crude Oil April Contract - Forecast for 03/07 by Daytradeideas.com

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WTI Crude Oil broke lower to retest 89.47 support, holding above here as predicted, as we expect the end of the 4 week sell off. We now face 90.54 resistance with a push through here very possible to target 91.30/40 for a high for the day here. However we cannot rule out a break higher for 91.90 then 92.50/92.70.

Support at 90.05/00. Below here risks a retest of 89.50/35 which should present a very good buying opportunity once again. However a break could target 88.59.

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Long term levels

91.58      Weekly 38.2% Fibonacci

91.14      50% Fibonacci

94.46      Last Week’s High

94.29      100 Week Moving Average

90.37      200 Day Moving Average

90.04      Last Week’s Low

 

The article was first published by DayTradeIdeas.com

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