WTI Crude Oil May Contract - Forecast for 03/22 by Daytradeideas.com

   on March 22 2013 7:55 AM

WTI Crude May is mostly going sideways as we were held by 93.47/54 resistance & tumbled to support at 91.82/76 where we predicted a low for the day. The exact low was 91.84. Resistance today at 93.00 with a push higher to allow another test of 93.47/54 resistance & we could struggle here again. However above here offers a selling opportunity at 93.95/94.05 with a stop needed above 94.45 for 94.89. If we hold below 93.00 look for support at 92.36/23 & then 91.82/76 where we could expect a low for today once again. However with the outlook weakening we could break lower in the days to come for a te4st for good support at 91.40/28. Longs here need a stop below 91.00 for 90.89/83 & possibly 90.52.

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Long term levels

93.84     Last Week’s High

91.58     Weekly 38.2% Fibonacci

91.14     50% Fibonacci

90.93     100 Day Moving Average

90.89     Last Week’s Low

90.45     200 Day Moving Average

    

The article was first published by DayTradeIdeas.com

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