Daily Forecast - 06 June 2014
WTI Crude July contract
WTI Crude hit good support at 101.75/70 where we expected a low for the day but we over ran just a little to 101.60 before a swift bounce. Immediate resistance at 102.70 but above here can target 103.05/15. A good chance of a high for the day but if prices continue higher we meet this week's high & 1 month trend line resistance at 103.65/70 which is likely to hold a move higher.
Below 102.20 is more negative & risks a retest of good support at 101.70/60 for a buying opportunity. Longs need stops below 101.40 for good support at 101.05/00 & the next buying opportunity.
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