Daily Forecast - 26 August 2014
WTI Crude October contract
WTI Crude hit resistance at 9375/80 for shorts with stops above 9405 & this trade worked perfectly as we topped at 9395 to hit 9306 & a potential 65 tick profit. Above 9370 is more positive for today with prices severely oversold but we have a tough challenge again at 9395/9405. Try shorts with stops above 9430 but then look for strong resistance at 9445/50. A high for the day likely but on a break higher look for a move towards 9505/15. If we continue higher this week look for a target of 9560/65 for a selling opportunity. Exit longs & try shorts with stops above 9600.
Failure to beat 9350 keeps the market under pressure for 9350/9295. Failure here risks a retest of the low last week at 9265/55. Try longs but be aware that a break lower this week targets longer term trend line support at 9190/80 for the next buying opportunity. We would need at least a weekly close below here to signal further weakness.
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