Daily Forecast - 28 January 2015
WTI Crude March contract
WTI Crude March first support at 4520/25 then yesterday's low at 4481 but below here risks a retest of the low for the February contract 4420. Obviously this is the important level to watch. A break lower is more negative and signals the resumption of the longer-term bear trend. We look for next targets 4385/80. If we continue lower today look for 4362, 4270/65, 4245/40 then 4210/05.
Above 4520/25 targets 4585/95 the 2 day high at 4640/4655. Any shorts need stops above 4665 to target 4705/15 but if we continue higher look for a selling opportunity at 4755/60 with stops above 4800.
Brent Crude February contract
Brent Crude immediate resistance at 4855/65 but above here targets 4940/60. A break above 4980 could then target resistance at 5045/60 to try shorts with stops above 5090. Just be aware that a break higher could target 5135/45. If we continue higher this week, look for a good selling opportunity at 5220/5230.
Failure to hold above 4855/65 re- targets 4800/4790. On a break lower today look for a test of good support at 4730/4725. Try longs with stops below 4700. On a break lower however look for the next downside target and support at 4640/4630. Any longs here need a stop below 4590. Be ready to go with a break lower targeting 4560 then last week's low at 4520.
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