Daily Forecast - 12 February 2016
WTI Crude March contract
WTI Crude suddenly looks like it is ready to rally!!! I would actually buy oil with a wide stop below $26. A break above 2740 targets first resistance at 2810/15. We should struggle initially but further gains target quite strong resistance at 2880/90. Don't rule out a break above here however for 2940. Here there is a good chance of a high for the day but shorts need stops above 2980. A break higher is a good buy signal & targets strong resistance at 3040/45.
I would buy down to 2630/05 & give it a stop below 2580. A break lower 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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