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.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.