Daily Forecast - 03 July 2014

WTI Crude August contract

WTI Crude

WTI Crude unable to hold above 105.35/30 keeping the market under pressure & triggered heavier selling pressure as forecast to target good support at 104.30/20. Prices bottomed almost exactly here at 104.10 yesterday but over night have continued lower & look likely to reach 103.60/50 for a buying opportunity. A good chance of a low for the day but longs need stops below 103.10. Go with a break lower using 103.50 as resistance to enter shorts & look for 102.95/90 then excellent support at 102.40/30 for the next buying opportunity & a potential low for the week.

Immediate resistance at 104.60/65 could hold a bounce but above here a selling opportunity at 105.05/25, with stops above 105.55.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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