WTI Crude Oil headed lower as expected to test support at 96.21/10 and a good buying opportunity but we did dip a little further to 95.89 before a small bounce. The outlook remains weak for today so any bounce looks to be limited with resistance at 96.42 but above here we could reach for 96.90/97.00 where it should be worth trying shorts with a stop above 97.35.

Support today at yesterday’s low of 95.89 but a break is very possible to target last week’s low and the 21 day moving average at 95.45/35. We could exit any shorts here with a good chance of a low for the day but any longs here need to keep a tight stop as continued weakness could then target 94.90/80. This should be a very good buying opportunity today with a low expected if we fall this far.



Long term levels

100.42      Sept High

98.24        Last Week’s High

97.84        Weekly 61.8% Fibonacci

95.47        Last Week’s Low

94.93        100 Week Moving Average

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