WTI Crude held steady in 2 month bear trend last week. We are just breaking above 94.60/70 today which can target 95.30/40.We should struggle here & a high for the day likely, but if we continue higher look for a test of 95.95/00 for a selling opportunity with stops above 96.30 for the next selling opportunity at 96.60/70. Stops above 97.00 are needed on this trade.
Below 94.30 however is more negative & could see 93.90/80. Failure here risks a retest of last week's low at 93.12/07. Be ready to go with a break lower for support down to 92.67, even 92.38.
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.