Daily Forecast - 25 November 2014

WTI Crude January contract

WTI Crude

WTI Crude longs from Friday's low at 7565/60 need a stop below 7540 today as we then risk a test of support at 7510/05 & possibly as far as 7420/10. If we continue lower we should then test last week's low at 7392 with any further losses then likely to test November lows at 7325.

We are range trading to allow oversold conditions to unwind while we wait for OPEC this week. 7620/30 is the main challenge for Bulls today and could even hold a move higher. However a break is more positive a game and targets 7680/85 and possibly as far as 7700/10. We should struggle here again today, but if we manage a break higher be ready to jump into longs and look for a test of Friday's high at 7778/83 for profit-taking. We then meet strong resistance at 7820/30. Try shorts with a stop above 7865.

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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