Daily Forecast - 28 August 2014
WTI Crude October contract
WTI Crude has held a range of 9260/50 to 9435/45 now for over a week & yesterday we held within Tuesday's range. Trade the range while we wait for a breakout. Holding above 9375/80 is more positive for today but we need to beat 9400/9405 to test strong resistance at 9445/50. This held yesterday as expected but on a break higher today look for a move towards 9505/15. If we continue higher this week look for a target of 9560/65 for a selling opportunity. Exit longs & try shorts with stops above 9600.
Below 9360 keeps the market under pressure for the 2 day low at 9335 then better support at 9300/9295. Failure here however risks a retest of the low last week at 9265/55. Try longs but be aware that a break lower this week targets longer term trend line support at 9190/80 for the next buying opportunity. We would need at least a weekly close below here to signal further weakness.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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