Daily Forecast - 31 March 2016
WTI Crude May contract
WTI Crude sold off to quickly to first support at 3820/10 for a nice 160 tick profit. As I write we are trading just below here over night signalling further weakness to 3750/45 & minor support at 3720/10. Unwise to try longs here. If we continue lower look for 3665/60 then a buying opportunity at 3600/3590 this week. Longs need stops below 3550.
Bulls need prices to hold above 3825 or they have lost short term control. Above here targets 3860 then 3885 & 3905/10. If we continue higher look for strong resistance at 3960/70 & a good chance of a high for the day once again. Shorts need stops above 4000. A push higher through 4000 opens the door to 4075/80.
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