Daily Forecast - 15 February 2016
WTI Crude March contract
WTI Crude shot higher exactly as predicted to the 2940 target. We wrote: Here there is a good chance of a high for the day but shorts need stops above 2980. It doesn't get any more accurate than that!! We topped at 2966 & sold off to the 28890/80 level & bottomed exactly here!! First resistance at 2940/50 today, again shorts need stops above 2980. A break higher is a good buy signal & targets strong resistance at 3040/45. A high for the day possible as we become overbought short term but further gains target a selling opportunity at 3145/55. Stop above 3190.
2940/50 is a big resistance & likely we will turn lower to first support at 2890/80. If we continue lower look for better support at 2835/30 & a low for the day possible. Longs need stops below 2800. Further losses target 2785 then minor support at 2745/40. Important support at 2630/05 again this week. A break below 2590 however targets 2565/60, 2545/40 & would you believe 2003 year lows at 2504. Further losses targets 2002 Q4 lows at 2482. Then we are looking for 2440, 2420 & 2380.
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