Daily Forecast - 01 December 2015
WTI Crude January contract
WTI Crude holding minor support at 4175/70 as I write which again allows a recovery to 4215/20, perhaps as far as strong resistance at 4245/50. Try shorts here again with stops above 4280. If we continue higher today look for 4315/20, then strong resistance at 4375/80. Try shorts with stops at 4420. Be ready to buy a break above 4400 to target minor resistance at 4475/80. Just be aware that further gains target a selling opportunity at 4570/80.
Failure to hold first support at 4175/70 should target 4130/20 & perhaps as far as 4060/50 lows. Just be aware that a break below 4040 targets 4010/06, 3990/85 then 3905/3895. If we continue lower look for 3855/50 then 3816 & August lows at 3775.
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