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Technical Forecast for WTI Crude

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Technical Forecast for WTI Crude

 

WTI Crude did continue lower to the 94.50/40 target & a buying opportunity. We bounced nicely from here but have since broken lower to hit the next target of 93.64. The outlook remains weak so look now for a test of strong support at 92.80/75. We are however starting to look oversold in the short term so watch for a bounce. If attempting longs we need stops below the 200 day moving average at 92.30 & can then look for the next support at 91.60/40.
 
A bounce from 93.60 is possible and could reach resistance at 94.40/50. It could be worth trying shorts here with stops above 94.90. We could then test the next resistance at 95.50 for another selling opportunity.

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Posted-In: Technicals Commodities Markets Trading Ideas

 

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