Technical Forecast for WTI Crude

WTI Crude Aug had a big reversal on Thursday which should indicate an end to the bull run at this stage. We did see a bounce on Friday as expected to present a selling opportunity up to 106.65/85 & we topped just below at 106.33. We are overbought on the daily chart so there is a risk of profit taking at the start of this week. Immediate support is 105.59/49 then 104.90/80 but below here good support at 104.30/00. We look for a low for the day & a bounce from here.  However a break confirms more profit taking to 103.30/20 then 102.30/10 for a buying opportunity with stops below 101.80.

 

Above 106.85 there is not much to stop a retest of last week’s high at 107.35/45. Exit longs & try shorts with stops above 107.75.