Technical Forecast for WTI Crude
WTI Crude hit profit taking as predicted hitting out target of 95.50 & in fact bottomed exactly here. We could continue lower today for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.95. Then look for 93.64 as the next support.
If we hold on to 95.50 we could crawl higher to try resistance at 96.45/60. We should struggle here but a push higher targets 97.00/17 for a selling opportunity. Stops above 97.35 for a run to April highs at 97.80 & another selling opportunity, but will need stops above this year’s high of 98.24.