Daily Forecast - 07 March 2016
WTI Crude April contract
WTI Crude bulls are clearly in control but we are now running in to a lot of resistance at 3670/3720 after a 40% recovery from the $26 lows. Too risky to run longs any further & worth trying shorts in the longer term bear trend. Only a daily close above 3750 signals the next leg higher in the recovery.
We should get in to the 3670/3720 area before we turn lower so any dips today should meet buyers but below 3600 risks a slide to first support at 3550/40. A break below 3510 however could target strong support at 3460/50 for a short term buying opportunity with stops below 3415.
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