Daily Forecast - 02 March 2015

WTI Crude April contract

WTI Crude

WTI Crude first resistance level at 4970/75 could hold a move higher today but above Friday's high at 4994 opens the door to 5030/35. If we continue higher look for a selling opportunity at 5090/5100 with a stop again above 5130.

Failure to beat 4975 targets first support at 4855/45. A bounce from here on the first test at least looks likely, but longs need stops below 4820. A break lower is obviously more negative targets last week's low at 4780. A break below here this week will add pressure to target 4760/50 then 4730/25. If we continue lower look for 4705/00 then 4650/40.


Brent Crude April contract

Brent Crude

Brent Crude April has lacked any direction for two weeks & same levels apply for today while we wait for breakout. A break above 6300 is more positive & opens the door 6340 then 6370. If we continue higher look for 6440 then 6510/15.

Failure to beat 6300 leaves a negative double top pattern to trigger a drift lower to 6195/90. If we continue lower look for 6110/00. Exit shorts & try longs down to support at 6085. A break lower however risks a slide towards support at 5990/5980.

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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