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