WTI Crude Oil March Contract - Forecast for 02/05 by Daytradeideas.com

By Jason Sen,

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WTI Crude Oil headed lower as expected to test support at 96.21/10 and a good buying opportunity but we did dip a little further to 95.89 before a small bounce. The outlook remains weak for today so any bounce looks to be limited with resistance at 96.42 but above here we could reach for 96.90/97.00 where it should be worth trying shorts with a stop above 97.35.

Support today at yesterday's low of 95.89 but a break is very possible to target last week's low and the 21 day moving average at 95.45/35. We could exit any shorts here with a good chance of a low for the day but any longs here need to keep a tight stop as continued weakness could then target 94.90/80. This should be a very good buying opportunity today with a low expected if we fall this far.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
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