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.