Daily Forecast - 27 January 2014

WTI Crude March contract

WTI Crude failed again at strong Fibonacci resistance of 9780 as predicted to trigger profit taking. We then hit our short term buying opportunity at 9635/25 & bottomed exactly here as expected. Both trades worked perfectly but with the outlook negative we should retest this support again today. A break lower looks more likely so use stops on longs below 9600 & go with the break for 9570/65, possibly 9540. A good chance of a low for the day but longs need stops below 9500.

Short term trend line resistance at 9705/10 but above 9720 may see 9750, possibly a retest of 9775/85 for a selling opportunity. Only a break & close above 5 month trend line resistance at 9810/20 will be positive & would target the 100 & 200 day moving averages at 9880/9900.

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