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Technical Forecast for WTI Crude

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Technical Forecast for WTI Crude

 

WTI Crude did keep up last week’s momentum for a test of May highs at 97.17 but we are overbought and failed here. We expect some profit taking now & perhaps a drift lower to 95.50. If we continue lower look for good support at 94.50/40 & a buying opportunity with stops below the 100 day moving average at 93.90.
 
Above 97.17 however we hit 3 month trend line resistance at 97.53 & April highs at 97.80. We should fail with in this 97.17/80 band but will need stops above this year’s high of 98.24.

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Posted-In: Technicals Commodities Markets Trading Ideas

 

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