Tuesday, January 15, 2013

WTI Crude Oil Feb Contract - Forecast for 01/11 by Daytradeideas.com

WTI Crude stopped short of the 94.96 target last week as we topped at 94.70. Here we meet strong resistance from the daily 23.6% Fibonacci, 9 month down trend line and 100 week moving average. We exit longs therefore on the approach once again today and try shorts with a stop above 95.35 and we will buy back in to longs for continued strength to 96.17.

If we cannot break 94.96 again at the start of this week as expected, we are looking for a pull back to our first target of 93.26 and there is a risk we continue lower to 92.65/37. Here we can take profit on shorts and try longs with the chance of a floor for today at least. Use a stop below 92.10 however, for a test of 91.64/52 then.

WTI Crude Oil February Contract (Photo: daytradeideas.com)


WTI Crude Oil Trend (Photo: daytradeideas.com)


Long term levels

94.96??? Daily 23.6% Fibonacci

94.92??? 100 Week Moving Average

94.06??? Weekly 50% Fibonacci

93.87??? Last Week?s High

91.71??? 200 Day Moving Average

90.62??? 100 Day Moving Average

90.00??? Last Week?s Low


The article was first published by DayTradeIdeas.com

Source: http://www.ibtimes.com/wti-crude-oil-feb-contract-forecast-0111-daytradeideascom-1012752

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