Daily Forecast - 24 March 2014
WTI Crude May contract
WTI Crude beat 9945 to hit our target of 100.30 & topped almost exactly here at 100.25. This morning we have failed below resistance at 9950 & could drift lower to 9900 then good support at 9875/65 for a buying opportunity. A good chance of a low for the day here to exit shorts & try longs with stops below 9845. Next support then seen at 9825/20 which could hold the downside.
Immediate resistance at 9950 could hold a move higher but above 9975 is more positive & opens the door to a retest of resistance at last week's high of 100.25/30. A high for the day likely here again, but on an unexpected break higher we can target 100.75 today.
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