Daily Forecast - 03 July 2014
WTI Crude August contract
WTI Crude unable to hold above 105.35/30 keeping the market under pressure & triggered heavier selling pressure as forecast to target good support at 104.30/20. Prices bottomed almost exactly here at 104.10 yesterday but over night have continued lower & look likely to reach 103.60/50 for a buying opportunity. A good chance of a low for the day but longs need stops below 103.10. Go with a break lower using 103.50 as resistance to enter shorts & look for 102.95/90 then excellent support at 102.40/30 for the next buying opportunity & a potential low for the week.
Immediate resistance at 104.60/65 could hold a bounce but above here a selling opportunity at 105.05/25, with stops above 105.55.
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