Daily Forecast - 31 July 2014
WTI Crude August contract
WTI Crude went for at resistance at 101.70/80 for our selling opportunity & topped almost exactly here at 101.67. This trade worked perfectly as pressure remained to the downside as predicted & got very close to a retest July of lows at 99.01. Prices are getting oversold but this is best ignored & stay with the bear trend. If we hold below the 200 day moving average at 9985/90 we should see a retest of the July lows at 9916/00. A break lower is of course more negative & should trigger stops down to May lows at 98.80/74. Be aware that failure here risks a slide to 98.25 but we do not meet strong support until 9770/60 for a buying opportunity.
Only above 99.90 is less negative short term & could allow a recovery to 100.30/40. We should struggle here so watch for a high for the day but if prices can continue higher we could target 100.75 for a selling opportunity with stops above 101.00. Next selling opportunity at 101.40/50.
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