Technical Forecast for WTI Crude

WTI Crude Aug finally made it to our selling opportunity up to 106.65/85 & we topped exactly here in fact. We are overbought on the daily chart so today’s outlook is more negative. There is a risk of profit taking to support at 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 we can continue lower to 103.30/20 then 102.30/10 for a buying opportunity with stops below 101.80.

 

Above 106.85 however 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.