WTI Crude Oil March Contract - Forecast for 02/14 by Daytradeideas.com

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By Jason Sen | February 15, 2013 12:42 AM EST

DayTradeIdeas.com

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

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The article was first published by DayTradeIdeas.com

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