Daily Forecast - 22 January 2015
Brent Crude February contract
Brent Crude February same levels apply for today with immediate resistance at 4950/60. A break higher today targets resistance at 5060/5080. We should struggle here, but be aware that another break higher could target 5135/45. If we continue higher this week, look for a good selling opportunity at 5220/5230.
Failure to hold above 4855/65 re- targets 4800/4790. If we continue lower today look for a test of good support at 4730/4725. Try longs with stops below 4700. On a break lower however look for the next downside target and support at 4640/4630. Any longs here need a stop below 4590. Be ready to go with a break lower targeting 4560 then last week's low at 4520.
WTI Crude March contract
WTI Crude March support at 4 day lows of 4655/4634 but below here targets 4565 then last week's low at 4478. Obviously a break lower would be negative and signal the resumption of the longer-term Bear trend to target 4420 then 4385/80.
Immediate resistance at 4714/45 but above here we could make it as far as 4820/30. Any further gains in this range trading market meet strong resistance from recent highs at 4920/4940 and any shorts here will need a stop above 4990. A break higher to target 5090. If this does not hold a move higher we could target last week's high at 5170/75. Any further gains offer an excellent selling opportunity at 5245/55 with stops above 5300.
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