WTI CRUDE OIL - WTI remains trendless - 09/16/2014 (GMT)

• WTI moved higher yesterday after finding support at 90.70 (S1). This confirms my choice to maintain my neutral stance despite Friday’s fall. As long as the price is trading between the aforementioned support and the resistance of 93.95 (R1), I would consider the path of WTI to be to the sideways. I would wait for a move below the psychological level of 90.00 (S2) before shifting my attention to the downside. Such a break is likely to trigger extensions to the 85.75 (S3) area, defined by the lows of the 18th of April 2013. On the other hand, I believe that only a clear move above 93.95 (R1) could flip the bias to the upside, perhaps towards our next resistance at 96.00 (R2).
• Support: 90.70 (S1), 90.00 (S2), 85.75 (S3)
• Resistance: 93.95 (R1), 96.00 (R2), 96.70 (R3)