WTI Crude Oil March Contract - Forecast for 02/14 by Daytradeideas.com
By Jason Sen | February 15, 2013 12:42 AM EST
WTI Crude Oil went for a retest of 98.15/25 highs where we expected prices to top out with over bought indicators flashing in the short term & a bearish divergence on the daily chart. The high was 98.11 so this worked pretty much as expected and we took a tumble to 96.71 support and bounced from here. Today any rally through resistance at 97.37 up to 98.00/24 is seen as a selling opportunity again. However we need to keep stops tight above 98.50 for continued strength up to 99.52.
Below 96.21 we should test 96.63/53 support but below here we see 96.17. This may hold the downside today but watch for a break to target 95.75/65 and then 95.06/94.97.
Long term levels
100.42 Sept High
97.84 Weekly 61.8% Fibonacci
97.74 Last Week’s High
95.04 Last Week’s Low
94.82 100 Week Moving Average
94.06 Weekly 50% Fibonacci
90.73 200 Day Moving Average
90.46 100 Day Moving Average
The article was first published by DayTradeIdeas.com