Daily Forecast - 04 July 2014
WTI Crude August contract
WTI Crude continued lower & exactly as predicted headed for support at 103.60/50 for a buying opportunity. We forecast a good chance of a low for the day & prices bottomed almost exactly here at 103.67. This should hold the downside again today but as stated yesterday, longs need stops below 103.10. Go with a break lower using 103.50/60 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.
Above 104.25/30 is more positive today & helps ensure we see the expected recovery to 104.60 & perhaps as far as 104.95/105.05. Exit longs & try shorts here expecting a high for the day, but with stops above 105.50.
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