Daily Forecast - 23 October 2014

WTI Crude December contract

WTI Crude

WTI Crude going sideways & could not hold above immediate resistance at 8260 after we reached 8315. Prices then broke 8170/60 hitting the next target of 8065/55 & continues lower risking a retest of last week's low at 7938/7910. This area is crucial to future direction. A double bottom is required for any chance of a sustained recovery. Exit shorts & try longs with stops below 7880. Be ready to go with a break lower however as this signals the start of the next leg down in the longer term bear trend & targets 2012 lows at 7756/28 in to next week.

Outlook is quite negative now with immediate resistance at 8080 then 8155/60. If however we continue higher look for a selling opportunity at 8240/50 with stops above 8285. Try shorts again at 8315/25 with stops above 8350.

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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