Daily Forecast - 17 December 2013
WTI Crude January contract
WTI Crude held the 9626/10 support area & hit our selling opportunity at 9710/20 with stops above 9750. We saw a sharp sell off from 9750 in the morning session before eventually reaching 9769, unfortunately just below the next selling opportunity at 9780/90. If seen today try shorts with stops above 9825.
Immediate support is 9720 but the outlook is quite negative. Below here look for 9680/70 & if we continue lower a retest of the 9626/10 support area is likely. 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.
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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