Daily Forecast - 28 January 2015
WTI Crude March contract
WTI Crude March first support at 4520/25 then yesterday's low at 4481 but below here risks a retest of the low for the February contract 4420. Obviously this is the important level to watch. A break lower is more negative and signals the resumption of the longer-term bear trend. We look for next targets 4385/80. If we continue lower today look for 4362, 4270/65, 4245/40 then 4210/05.
Above 4520/25 targets 4585/95 the 2 day high at 4640/4655. Any shorts need stops above 4665 to target 4705/15 but if we continue higher look for a selling opportunity at 4755/60 with stops above 4800.
Brent Crude February contract
Brent Crude immediate resistance at 4855/65 but above here targets 4940/60. A break above 4980 could then target resistance at 5045/60 to try shorts with stops above 5090. Just be aware that a break higher could target 5135/45. If we continue higher this week, look for a good selling opportunity at 5220/5230.
Failure to hold above 4855/65 re- targets 4800/4790. On a break lower today look for a test of good support at 4730/4725. Try longs with stops below 4700. On a break lower however look for the next downside target and support at 4640/4630. Any longs here need a stop below 4590. Be ready to go with a break lower targeting 4560 then last week's low at 4520.
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.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.