Daily Forecast - 20 March 2014
WTI Crude May contract
WTI Crude May contract continued higher after we called a bottom in the market on Tuesday. We held just a few ticks above support at 9825 & beat 9880/90. We are on the way to the next target & resistance at 9970/80 today. We should struggle here & being overbought short term this could hold the move. However a break above 100.00 opens the door to 100.30 & perhaps as far as 100.75 this week.
Immediate support is 9900/9890 but below here risks a slide to 9830/25. A break below here today is more negative & could trigger further selling pressure down to 9760/50.
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