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Technical Forecast for WTI Crude

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.

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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