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WTI Cude Oil Slips Below $90 Levels, Bearish Indications

ByCommodityOnline
Published 03/05/2013, 05:47 AM
Updated 05/14/2017, 06:45 AM

WTI opened at 90.71, then proceeded to make a high of 90.91 before trading lower to make a low of 89.33 and closing at 90.18. We now have resistance from the 200 day MA at 90.38 and then above, we have the 100 day MA at 90.88. A break here will take us higher to the short term 50% fib at 91.22, which will entice the 5 day MA at 91.66. If we breach this level, we will trade up to trend line resistance at 91.79 and then on to the 8 day MA at 92.17. If we do break higher it will be drawn to the 76.8% short term fib level at 92.65 which ties in with the pivot point at 92.77.

The weekly stochastics are overbought; the dailies, 240 mins and 60 mins have some way to go to the upside but will turn bearish quite soon, so we should trade higher early on, so sell rallies.

To the downside, we have support from the 23.8% short term fib at 90.22. A break here will take us to the low and 100% fib level at 89.33. Below we have support from the daily downward trend line at 89.03. Cover shorts here as the market should hold.
WTI Cude Oil

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