Daily Forecast - 27 March 2014
WTI Crude May contract
WTI Crude held short term trend line support at 9920/10 perfectly yesterday to retest resistance at the 200 day moving average. This has held for the last 4 sessions & is at 100.45 today. Today's outlook is more positive & a break above 100.50 could be seen, allowing 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.
Failure to beat 100.45 however keeps prices in a range & below 100.10 adds pressure. A retest of short term trend line support at 9930/20 today could follow. A buying opportunity here again today with stops below 9900. Go with a break lower then to target this week's low at 9880 then 9835/25.
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