Technical Forecast for WTI Crude
WTI Crude resistance at 94.40/50 has held the last couple of sessions & we can try shorts here again today with stops above 94.90. We should then test the next resistance at 95.50 for another selling opportunity with stops above 96.00. A break higher could take us as far as 97.00/17 May highs.
With the daily chart looking negative, failure to break 94.50 targets 92.85/75 support with the
200 day moving average just below at 92.30 & a potential low for the day. We could try small
longs here with stops below 92.00. We then look for the next support at 91.60/40.