Daily Forecast - 01 July 2016
WTI Crude August contract
WTI Crude good support at 4840 we stated should act as the last line of defence for bulls & this has held as we bottomed at 4824/17 then. Now trading well above 4840 but strong resistance at 4875/80 is a big challenge for bulls today. Shorts need stops above 4900. Above here is more positive & targets 4950/60 then this week's 5000 high. This is not much of a resistance to worry about & further gains target last week's high at 5050/54. If we break higher look for 5075 then 5105/00 before this years high at 5157/67. Below 4840 risks a slide to the best support for today at 4800/4790. Try longs with stops below 4770. A break below 4790 is a short term sell signal & targets 4745/40 then 4725/20.
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