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Technical Forecast for WTI Crude

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Technical Forecast for WTI Crude

 


WTI Crude overbought on the daily chart so the outlook is more negative as we bounced from just above 104.90/80 support yesterday. Immediate support at 105.59/49 then 105.00/90 today. 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.


 


Immediate resistance at last week’s high of 107.15/45 could hold the topside for a selling opportunity with stops above 107.75.

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

Posted-In: Technicals Commodities Markets Trading Ideas

 

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