WTI Crude held on to 93.00 & pushed higher for our selling opportunity at 94.25/35, with stops above 94.75. This trade worked perfectly as we topped almost exactly here & collapsed to 93.43. We are seeing a bounce towards 94.00 but above here we can re-target 94.35/50. Again we could try shorts with stops above 94.75. Go with a break higher then for the next selling opportunity at 95.50/60.
We are in a bear trend & failure to beat 94.00 could trigger a drift lower to 93.50/40. A low for the day is possible but a break could target 93.10 before November lows at 92.86. Any longs need stops below 92.60 for a test of trend line support at 91.90.
Weekly outlook: The 200 week moving average & 17 month trend line support at 91.90/70 offers a buying opportunity & a low for the 2 month correction expected. A daily close above 96.00 is more positive & could target strong resistance at 98.70/70.
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WTI Crude Oil Seeing A Bounce Towards $ 94/bbl
Published 11/14/2013, 07:00 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil Seeing A Bounce Towards $ 94/bbl
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