WTI Crude Oil caught us out with a break above 96.90/97.10 resistance. We reached the next target of 97.50 and are pushing on for a retest of 98.15/25 highs. Here we should top out with over bought indicators flashing in the short term & a bearish divergence on the daily chart. However we need to keep stops tight above 98.50 for continued strength up to 99.52.

Support today at 97.12 may hold a slide but below here look for 96.71. Try longs with a stop below 96.35 & look to buy in to longs again at 96.05.



Long term levels

100.42     Sept High

97.84      Weekly 61.8% Fibonacci

97.74      Last Week’s High

95.04      Last Week’s Low

94.82      100 Week Moving Average

94.06      Weekly 50% Fibonacci

90.73      200 Day Moving Average

90.46      100 Day Moving Average


The article was first published by DayTradeIdeas.com