WTI Crude we wrote: There is a good chance that we have already topped out after a negative candle yesterday in overbought conditions so risks are to the downside. Be ready to sell a break below 5330 targeting strong support at 5280/70. Try longs with stops below 5240.
Perfect! Our buying opportunity at 5280/70 hit, with longs, offered a good profit 70-80 ticks on the bounce to the first resistance at 5340/50.
This morning we gap lower through 5280/70 (now today’s high) to target 5190/80 and 5160/50. We bottomed exactly here as I write.
WTI Crude gaps lower overnight as far as 5160/50. First resistance at 5220/30 should be quite strong but above here 5270/80 & resistance at 5300/20. If we unexpectedly continue higher look for 5340/50. A break above 5370 targets 5385/90 and 5405/10 before the high at 5460/66. Gains are likely to be limited as we head into overbought conditions but we could reach 5490/5500.
Holding below 5220/30 retests minor support at 5160/50. On further losses look for a retest of last week’s low at 5125/15. A break lower targets 5075/65.
Weekly outlook is neutral
Daily outlook is negative
Short Term outlook is neutral
WTI Crude Daily Forecast – Feb 24, 2020
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