WTI Crude Oil March Contract - Forecast for 02/06 by Daytradeideas.com
By Jason Sen | February 7, 2013 12:39 AM EST
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