WTI Crude Oil March Contract - Forecast for 02/06 by Daytradeideas.com

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By Jason Sen | February 7, 2013 12:39 AM EST

DayTradeIdeas.com

WTI Crude Oil reached for 96.90/97.00 where we tried shorts with a stop above 97.35 and this trade is working well with prices topping at 97.07. Support today at 96.44 but we could break below here for a retest of Monday’s low of 95.89 for profit taking on our shorts. However be aware that a break lower will confirm a head & shoulders top with last week’s low and the 21 day moving average at 95.45/35 then the target of 94.90/80 expected to be tested. This should be a very good buying opportunity today with a low expected if we fall this far but later in the week 93.85 looks achievable.

A break above 97.40 should trigger stops on shorts for a run back up to 97.74 with 98.24 highs above.

Long term levels

100.42     Sept High

98.24       Last Week’s High

97.84       Weekly 61.8% Fibonacci

95.47       Last Week’s Low

94.93       100 Week Moving Average

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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The article was first published by DayTradeIdeas.com

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