Daily Forecast - 29 July 2014

WTI Crude

WTI Daily

WTI Crude outlook is more negative this week as stated yesterday & prices retested support at 101.10/00 as expected. We bottomed almost exactly here at 100.90 but if we continue lower this week look for a test of support at 100.60/50 & a short term buying opportunity. Just be aware that below here meets important moving average support at 100.20/99.90 but a break below 99.60 keeps the market under pressure.

Above 101.80 is less negative but resistance at 102.10/15 could hold a move higher. However a sustained break targets 102.45/50. We should struggle here with a high for the day likely but above sees 103.10/15 before resistance at 103.35/45. Bulls must push higher to turn the outlook positive & target 104.00/10. Above here opens the door to further gains targeting 104.25/30 possibly reaching as far as 104.90/95 next week.

The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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