Daily Forecast - 10 February 2014
WTI Crude March contract
WTI Crude unexpectedly beat 9925/36 to reach 100.46 & a two & a half year trend line here. Immediate support is 9950/40 but below here signals a move towards 9890 which could hold the downside. However if we continue lower look for a buying opportunity at 9840/30 & a low for the day expected. Exit shorts & try longs with stops below 9785.
100.46 may be the high for the move at this stage. However any shorts need stops above December highs at 100.75. Go with a break higher for 100.95/05 then a move as far as 101.60/70.
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