Daily Forecast - 26 March 2014
WTI Crude May contract
WTI Crude has been held by the 200 day moving average for the last 3 sessions at 100.30/40 today. Only a break above 100.45 allows a retest of last week's high at 100.80/82. Only a break & close above here then opens the door to further gains this week, targeting 101.52 then 101.74.
There is short term trend line support at 9920/10 today & if we can get through 9960 we could push on to retest strong resistance at 100.30/40. However a break below 9900 puts the market under pressure targeting yesterday's low at 9880 then 9835/25. A good chance of a low for the day here to exit shorts & try longs with stops below 9800. Go with a break lower selling in to shorts then, for a test of the 100 day moving average at 9745/40 & a buying opportunity.
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