Daily Forecast - 24 October 2014
WTI Crude December contract
WTI Crude going sideways but this is increasingly looking like a pause in the bear trend now, rather than an opportunity for a recovery. We hit our selling opportunity at 8240/50 yesterday & this trade worked almost perfectly as we topped at 8237. Failure to hold above 8160 sees a drift lower towards 8065/55 & if we continue lower a retest of last week's low at 7938/7910 is very possible. 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.
Holding above 8155/60 may gives us a second chance of a selling opportunity at 8240/50. We topped exactly here yesterday at 8237 but shorts need stops above 8285 today. Try shorts again at 8315/25 with stops above 8350.
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