Daily Forecast - 01 September 2014
WTI Crude October contract
WTI Crude hit our target of 9560/65 to try shorts with stops above 9600. We are getting overbought short term now so profit taking today is possible & would target 9565, possibly 9545/40. Exit shorts within this band as this could hold the downside. However any longs need stops below 9525 as a break lower turns the outlook negative again & targets 9505 then good support at 9480/70. This should hold the downside so look for a bounce from here, but longs need stops below 9440.
Be ready to go with a break above Friday's high at 9600 to target the 100 day moving average at 9645. Exit longs & try shorts with stops above 9675. Go with a break higher again for a target of 9700/10 then a selling opportunity at 9745/50, with stops above 9780.
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