Daily Forecast - 07 May 2014
WTI Crude June contract
WTI Crude held above the 100 day moving average so still a good chance of a recovery this week. A break above this week's 2 day high at 100.43 looks more positive & is more likely today. Above the 200 day moving average at 100.55 really opens the door to further gains & we then look for a test of strong resistance at 101.15/35 to follow, which should hold a move higher at this stage. However if prices continue higher look for a move towards resistance at 101.85/90.
The 100 day moving average at 9940/35 today is a buying opportunity but below here risks a slide to test April's low of 9886/74. A break lower signals further downside pressure to follow with a target of 9825/20 for a buying opportunity with prices so oversold at this stage.
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