WTI Crude Oil broke support at 96.44 towards our lower target of 94.90/80 which we expected to be a very good buying opportunity & a low expected & we bottomed just above at 95.04. We have seen a big bounce back to 96.99 and we need to exit those longs and try shorts with a stop above 97.50. A break here allows a run back up to 97.74 with 98.24 highs above.

We should hold 97.00 and fall back to 96.23 then 95.77. Below here we look for good support at 95.05/96.90 again today and a low potentially but be aware that a break lower confirms a bearish topping pattern with 94.40 expected next then 94.05/90. Below here we should see 93.26 but do not be surprised to see 91.72 before we bottom out in the weeks to come.



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