Daily Forecast - 18 March 2014
WTI Crude April contract
WTI Crude headed lower as predicted to keep the March bear trend in play, targeting 100 day moving average support at 9735/30 for a buying opportunity. We bottomed exactly here at 9737 & there is a good chance now we have seen the end of the 3 week correction. We look for 9835 then the 9900/20 area today. A high for the day likely here but any shorts need stops above 9950. Go with a break higher then for strong resistance at 9990/95.
Failure to beat 9808/13 however keeps the market under pressure for just a little longer. Below 9775/70 risks a retest of 100 day moving average support at 9735/25 for a second buying opportunity. Just be aware that a close below here would be negative for the rest of the week despite the severely oversold conditions & target 9655/50 for the next buying opportunity at with stops below February lows at 9626.
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