Daily Forecast - 07 March 2014
WTI Crude April contract
WTI Crude bounced to 101.45/50 & topped exactly here before heading for 200 DMA & Fibonacci support at 100/99.90 & an excellent buying opportunity. This trade worked perfectly as we bottomed almost exactly here at 100.13 & rocketed back to 102.08, an exact 38.2% recovery of the week's losses. We should struggle here again today & could meet selling pressure taking prices back to 101.40/30. Below 101/100.90 keeps the market under pressure for 100.60/50 & possibly a retest of 100.10/9990 for a second buying opportunity.
However a break above 102.10 certainly could be seen & should target 102.60/70. If we continue higher there is quite strong resistance at 103.15/25 & a high for the day expected. Try shorts with stops above 103.50.
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