Daily Forecast - 16 January 2014
WTI Crude February contract
WTI Crude headed higher as predicted & beat 9335/45 to reach strong resistance at 9475/85 which held a move higher as expected. We topped almost exactly here at 9464 & being overbought short term we could drift lower to 9390/85, possibly 9350/40. A good chance of a low for the day here but if we continue lower use 9305/00 as a buying opportunity with stops below 9260.
Immediate resistance at 9475/85 could hold a move higher again today with a consolidation of yesterday's move likely. However be ready to go with a break above 9525 for a target of 9590/00. Exit longs & try shorts from here up to 9625.
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