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.