WTI Crude Oil did just hold 97.00 as hoped and did not trigger stops on shorts as we topped at 97.21. We then hit our target of 95.77. This market is setting it self up for a big fall but we need a break of good support at 95.05/94.90 to confirm the bearish topping pattern with 94.40 expected next then 94.05/90. Below here we should see 93.26 but we do expect to see 91.72 before we bottom out in the days to come.

Resistance today at 96.25/30 but above here risks a retest of 96.90/97.10. This must hold or the bearish pattern is broken and we should head back to 97.48, possibly retest 98.15/25 highs.



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