Daily Forecast - 20 June 2014
WTI Crude August contract
WTI Crude August spiked below 105.50/40, not quite as far as our next target of 104.95/85 but recovered quickly to test resistance at 106.15/30. Outlook remains positive & we could push higher to retest the high this week of 106.68/84. Overbought on the daily chart so a high for the day likely here again at this stage. Only a break & weekly close tonight above contract highs at 107.02 is more positive for next week & targets 107.18/24 then 107.50/60.
Immediate support is 105.50/40 & could hold the downside but below yesterday's low of 105.11 risks a slide as far as good support at 104.60/55 for a buying opportunity. Exit shorts & try longs with stops below 104.20.
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