With effect from today, we offer up a day trade idea on many of the major markets (different each day) courtesy of Jason Sen at www.daytradeideas.co.uk and starting this morning with WTI Oil –
WTI Crude did try a break higher but failed below the 107.90/108.00 target & sold off to the 105.75 level which did hold the downside. 105.75/70 is immediate support today but risks are to the downside now with a bearish double top pattern in place. Failure here tests 105.10/00 for a short term buying opportunity with stops below 104.80. Go with a break lower for 103.95/75.
The upside should be more limited now with immediate resistance at 106.50 but above here sees 107.00/10, possibly 107.45/75. Look for a high for the day & a selling opportunity with stops above 108.00.