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
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