Daily Forecast - 03 March 2014
WTI Crude April contract
WTI Crude has broken above the range of the last 7 sessions & through February highs at 103.80 over night. We pierced strong Fibonacci resistance at 104.25/35 but pulled back so watch this area today as this could hold any move higher. Shorts need stops above the 104.65 high. Go with a break higher then for 105.00/10 then 105.55.
Immediate support is 103.50/40 but below here adds pressure risking a test of good support at 102.70/60 & a low for the day likely. However longs need stops below 102.40 for support at 102.05/00
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