WTI Crude Oil March Contract - Forecast for 02/18 by Daytradeideas.com

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By Jason Sen | February 19, 2013 1:13 AM EST

DayTradeIdeas.com

WTI Crude Oil was predicted to sell off on Friday & we saw sharp losses for a retest of Feb lows at 95.06/94.97. We bounced just above here & with short term oscillators flashing over sold we could hold this support if tested again today. We are looking for a move towards resistance at 96.17, possibly 96.54 above. If we push higher we expect a high at 96.90/97.00, & are looking to sell in to shorts here with a stop above 97.50.

Longs need a tight stop below 94.70 however as the daily outlook remains weak & a break lower targets 94.20 then 93.80/70 & much better support below at 93.10/92.90.

Long term levels

100.42     Sept High

98.24      Jan High

98.11      Last Week’s High

97.84      Weekly 61.8% Fibonacci

94.97      Last Week’s Low

94.89      23.6% Fibonacci

94.73      100 Week 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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