Technical Forecast for WTI Crude

WTI Crude first support at 106.60/50 did hold the downside again as expected. However a break lower looks more likely today 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. If attempting longs here use stops below 104.90 & then use 104.50 as a buying opportunity. 

 

107.80/90 is resistance at & we should struggle here but just above is the recent high of 108.17/25 & should hold the topside as we start to look overbought on the daily chart. However a break above 108.35 should trigger stops & 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.