WTI Crude reached our 95.30/40 target & saw a high for the day as predicted. We topped exactly here at 95.38 and if we start to move below 94.80, today's outlook becomes more negative and should target 94.50/45. Below 94.20 then adds pressure for a buying opportunity at 94.00/95.
A low for the day is expected but longs need stops below 93.75. Only above 95.00 is more positive today and we could then retest 95.30/40. We should struggle here again but be ready to go with a break higher for 95.95/00. Could be worth trying shorts, with stops above 96.30 for a selling opportunity at 96.60/70. Stops above 97.00 are needed on this trade.
Weekly outlook: The 200 week moving average & 17 month trend line support at 91.60/40 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: Trendline Support At 91.60/40 Offers Buying Opportunity
Published 11/12/2013, 05:54 AM
Updated 05/14/2017, 06:45 AM
WTI Crude Oil: Trendline Support At 91.60/40 Offers Buying Opportunity
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