Daily Forecast - 20 December 2013
WTI Crude January contract
WTI Crude beat 9780/90 which then acted as support as we eventually broke above 9875 to reach 9949. We now need to hold above the 200 day moving average at 9880 if we are to build on gains & retest 9949. A push higher then targets 9975/85 where a high for the day looks likely. We can exit longs here & try shorts up to 100.05 with a sell off from here expected but we need stops on shorts above 100.40.
Below support at 9880/70 look for 9825. If we continue lower a buying opportunity at 9780/70 which could hold the downside, with stops below 9740.
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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