FX.co ★ Technical analysis of WTI Crude for July 31, 2014

Technical outlook and chart setups:

1. WTI Crude has tested the 104.70/80 resistance level (support turned resistance line) earlier and is now testing the 90.00 levels as seen here. A break below 90.00 would open doors for 95,70 and subsequently 93.70 as shown here (red-colored fibonacci levels).

2. Support is seen at 99.00/98.75, followed by 97.00 and lower while resistance is seen at 102.00, followed by 104.60/70 and higher respectively.

3. The structure indicates that Crude is seeking a bearish break below 99.00 levels for now.

Trading recommendations:

Sell 50% on break below 99.00, stop 102.50, target 95.70 and 93.70.

Good luck!