Daily Forecast - 10 January 2014
WTI Crude February contract
WTI Crude broke the 200 week moving average support at 9240 to hit our next support at 9135/25 & bottomed exactly here as predicted. Any longs purchased here worked perfectly as we shot back to the 200 WMA. Now at last we have more positive price action in a severely oversold market. We did not get the rally we expected yesterday but should get it today. A break above 9295 is more positive for our first target of 9345/50. Watch for a high for the day here but be ready to go with a break above 9375 for 9420/25. Above here strong resistance at 9475/85 should hold a move higher at this stage.
Strong support at 9135/25 a buying opportunity again, with stops below 9100. Next downside target is 9065 then 9010/00.
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