WTI Crude: Holding 5312/07 allows a recovery to 5345/50
|Daily Forecast - 01 March 2017
WTI Crude April Contract
WTI Crude broke the strongest support of the day at 5385/75 to bottom 6 ticks above 2 week lows at 5312. Below 5300 today risks a slide to strong support at the January lows of 5255/45. Just be aware that a break below here tests the February low at 5190/86.
Holding 5312/07 allows a recovery to 5345/50 then resistance at 5385/75. Watch for a high for the day. However on further gains look for a selling opportunity at 5420/30, with stops above 5460. A break higher tests the high last week at 5494/5503. Try shorts with stops above 5516 but on a break higher look for 5530/35 & 5555/60.
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