Daily Forecast - 09 May 2014
WTI Crude June contract
WTI Crude held Wednesday's range but today's outlook is more positive. If prices can beat 100.45/55 we can target the week's high at 100.99. Above here a test of strong resistance at 101.10/15. We should struggle here & a high for the day very possible but a break higher cannot be ruled out & target 101.40 before resistance at 101.85/90.
Immediate support is 100.20/15 but below risks a retest of the 2 day low at 9987/79 with a good chance of a bounce from here. However longs need stops below 9960 & if we continue lower look for a buying opportunity at the 100 day moving average at 9945/40.
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