Daily Forecast - 19 December 2013
WTI Crude January contract
WTI Crude held 9705/00 once again & reached our selling opportunity at 9780/90. A high for the day was expected & we topped almost exactly here at 9800. Below 9749 today sees 9720 then 9705/00. Below here look for support at 9680/70 & a bounce possible. However on a break lower look for the 9626/10 support area where a low for the day is likely.
Another selling opportunity at 9780/90. A high for the day possible here again but our shorts need stops above 9820. A break higher is not expected but if seen could target 9875 for the next selling opportunity.
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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