Daily Forecast - 09 October 2015
WTI Crude November contract
WTI Crude really does not look that positive despite this week's strong rally. Below 4950 adds pressure to target 4920 then good support at 4870/60. A good chance of a bounce from here on the first test at least but if we continue lower perhaps later in the day, look for a buying opportunity at 4780/70. Longs need stops below 4730.
A break above yesterday's higher at 5007 could target strong resistance at 5050/60. Anywhere from here up to further strong resistance at 5105 is likely to cap this recovery. Only a weekly close above here tonight is more positive for next week & is in fact a strong buy signal to target 5240/50.
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