WTI Crude Oil March Contract - Forecast for 02/19 by 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 should 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. This could mark the low for the week if tested.

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