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Technical Forecast for WTI Crude

Technical Forecast for WTI Crude


WTI Crude was held by 105.20 as expected & we broke 104.50 to hit the next target of 103.65/50. We expected a low for the day & bottomed exactly here as predicted. We are oversold short term now so a bounce from here is possible again today but longs need stops below 103.20. A break lower could then target 102.68 before August lows at 102.22. Just be aware of strong Fibonacci support at 101.76 for a buying opportunity this week.


104.50 is strong resistance & could hold the topside. However if we continue higher look for a selling opportunity at 105.10/20 with stops above 105.40. A break higher should then target 105.90.

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas


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