Daily Forecast - 19 December 2014
WTI Crude February contract
WTI Crude February same levels apply for today with immediate resistance at 5545/50 but above here 5630/40. We should struggle initially but there is still the chance of recovery so be ready to go with a break higher to target resistance at 5745/65 then 5790/5800. If trying shorts here use stops above 5830. Be ready to go with a break higher then to target this week's high at 5915/25. A good chance of a high for the day here again, but be ready to go with a break & be aware that a weekly close tonight above here is obviously positive & targets 5975/80 then strong resistance at 6035/60 for a selling opportunity with stops above 6100.
Immediate support at this week's low of 5425/5395 to try longs with stops below 5360. Be ready to go with a break lower however as this keeps the market under pressure in the longer term bear trend to target 5305/5295.
Brent Crude December contract
Brent Crude immediate support at 5910 but below here a retest of important longer term Fibonacci support at 5850/40 is likely. Try longs with a stop below 5800. However, a break lower kills any chance of a recovery in this bear trend and targets 5740/30 then 5685/75 and 5610.
We will need to beat 6040/50 to stage another recovery today & target 6135. Above here is more positive & strong resistance at 6185/90. A break above here opens the door our next target of 6300/6310 then yesterday's high at 6370 before a test of strong resistance at 6400. A good chance of a high for the day but shorts need stops above 6440. We then run in to very strong resistance at 6545/65.
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