Daily Forecast - 19 March 2014
WTI Crude April contract
WTI Crude should have ended the 3 week correction as predicted yesterday. We reached almost as far as our upper target & strong resistance at 9990/95. We are getting overbought short term so this area should limit further gains today. Just above we hit the 200 day moving average at 100.25 so only a sustained break above 100.40 opens the door to continued gains & targets 100.85 then 101.30.
Immediate support is 9925/20 but below here triggers further profit taking for 9860/55 which could hold the downside today. However if we continue lower a bounce from 9830 looks likely.
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