WTI Crude Oil Feb Contract - Forecast for 01/31 by Daytradeideas.com

WTI Crude Oil tried to break tough resistance at 97.75/95 but with the market heading in to over bought territory we only reached 98.24 before pulling back. We could now see some profit taking from here today with support at 97.46/34 then 96.98/92. Should be worth exiting shorts here as a big drop is not expected but stops needed on any longs below the 9 day moving average at 96.52 as this risks a test of the next a support at 96.21/10 and a good buying opportunity.

97.75/95 resistance should remain a struggle and could cap again today. However go with a break through 98.25 for 98.58 and above here, 99.52 looks achievable.

Long term levels

100.42     Sept High

96.92       Last Week’s High

94.91       100 Week Moving Average

94.95       Last Week’s Low

94.06       Weekly 50% Fibonacci

91.05       200 Day Moving Average

90.46      100 Day Moving Average

The article was first published by DayTradeIdeas.com