Daily Forecast - 16 December 2013
WTI Crude January contract
WTI Crude headed lower as predicted on Friday to the 9660 target & almost as far as 9610, but bottomed at 9626. Watch the 9626/10 support area today & be ready to go with a break lower towards the next target of 9563/57. Any longs here need stops below 9525. Below here we can target support at 9460/50.
Resistance at 96.80/85 could hold a move higher but above here look for a selling opportunity up to 9710/20. A high for the day likely here but shorts need stops above 9750. Try shorts again at 9780/90 with stops above 9825.
Weekly outlook: Failure to beat the 200 day moving average last week saw us resume the 3 month bear trend & we could reach 9460/50 this week. Only above 9810/20 is less negative, but bulls can only feel confident on a daily close above 9875.
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