Daily Forecast - 19 December 2014

WTI Crude February contract

WTI

WTI Crude February same levels apply for today with immediate resistance at 5545/50 but above here 5630/40. We should struggle initially but there is still the chance of recovery so be ready to go with a break higher to target resistance at 5745/65 then 5790/5800. If trying shorts here use stops above 5830. Be ready to go with a break higher then to target this week's high at 5915/25. A good chance of a high for the day here again, but be ready to go with a break & be aware that a weekly close tonight above here is obviously positive & targets 5975/80 then strong resistance at 6035/60 for a selling opportunity with stops above 6100.

Immediate support at this week's low of 5425/5395 to try longs with stops below 5360. Be ready to go with a break lower however as this keeps the market under pressure in the longer term bear trend to target 5305/5295.


Brent Crude December contract

Brent Crude

Brent Crude immediate support at 5910 but below here a retest of important longer term Fibonacci support at 5850/40 is likely. Try longs with a stop below 5800. However, a break lower kills any chance of a recovery in this bear trend and targets 5740/30 then 5685/75 and 5610.

We will need to beat 6040/50 to stage another recovery today & target 6135. Above here is more positive & strong resistance at 6185/90. A break above here opens the door our next target of 6300/6310 then yesterday's high at 6370 before a test of strong resistance at 6400. A good chance of a high for the day but shorts need stops above 6440. We then run in to very strong resistance at 6545/65.

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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