WTI Crude Oil finally broke resistance at 96.80/92 after trying for 4 days, to keep the 6 month bull running to our next target of 97.75/95. We did in fact top out exactly here at 97.82. This is very tough weekly 61.8% Fibonacci resistance and with the market heading in to over bought territory now we could see some profit taking from here.

We have support at 96.70/60 initially and this could be the low for today if tested as a sharp drop is not on the cards. Below here however we hit the 9 day moving average at 96.21 then short term Fibonacci support at 95.85 for a buying opportunity.

97.75/95 resistance should remain a struggle and could cap again today. However go with a break higher for 98.58 and above here, 99.52 looks achievable.



Long term levels

100.42     Sept High

96.92       Last Week’s High

94.91       100 Week Moving Average

94.95       Last Week’s Low

94.06      Weekly 50% Fibonacci

91.05      200 Day Moving Average

90.46      100 Day Moving Average


The article was first published by DayTradeIdeas.com