Daily Forecast - 10 May 2016
WTI Crude June contract
WTI Crude has held 4335/25 almost perfectly as hoped but no bounce yet. Risks are still to the downside therefore & below 4300 targets 4250 then the best support of the week at 4220/10. Try longs with wide stops below 4170.
holding support at 4335/25 allows a recovery to 4380 then resistance at 4417/20. We should struggle here with a high for the day possible but further gains target a selling opportunity at 4475/80. Shorts need stops above 4500.
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