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Technical Forecast for WTI Crude

Technical Forecast for WTI Crude


WTI Crude hit the 107.99/108.05 target with trend line resistance at 108.25/35 limiting the topside as predicted. We then bounced off the first support at 106.60/50 exactly as predicted. 108.17/25 is obvious resistance today therefore but we are in a 6 day up trend so a break above 108.35 is possible & should target August highs at 108.82. Exit longs here & try shorts up to July highs at 109.32 expecting to hit profit taking this week. Stops on shorts needed above 109.60.


First support is at 106.60/50 & could hold the downside again today. However if we continue lower look for a test of good support at 105.95/90 & a buying opportunity. Exit shorts & try longs with stops below 105.55. A test of 105.19/15 could then follow if we continue lower.

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: Commodities Markets Trading Ideas


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