WTI Crude Oil May Contract - Forecast for 04/03 by Daytradeideas.com

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WTI Crude hit strong 6 month trend line resistance at 97.35 to fall back very quickly once again. The market could have topped out now after the 1 month rally and we look for 96.39 today. Below here we have good support at 95.85 which held yesterday for the second day & could again today. However any longs here need a stop below 95.50 for continued losses down towards 94.82/65. We should see a good bounce from here so worth exiting shorts & trying longs with a stop below 94.35.

Resistance at 97.00/10 but above here a chance to retest 97.35 & possibly even 97.70/80. We should run in to sellers at these higher levels so we can try shorts again with a stop above 98.10.

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The article was first published by DayTradeIdeas.com

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