Daily Forecast - 27 May 2015
WTI Crude July contract
WTI Crude first resistance at 5845/50 for profit taking on longs from 5770/60. Outlook is quite negative now but if we can beat 5850 look for a move towards strong resistance at 5890/5900. Sell @ 5890/5900, stop 5940. Target 1 @ 5850(trail stop to entry), target 2 @5805 but we could continue lower to 5780. An unexpected break above 5940 however targets resistance at 5970/80. Sell @ 5970/80, stop 6015. Target 1 @5930 (trail stop to entry), target 2 @5900 then 5860.
Failure to beat 5845/50 should trigger a move lower towards 5800 then a retest of 5770/60. Again longs need stops below 5720. We then watch May lows at 5709 carefully. A break lower is a sell signal to target 5665/60 then minor support at 5635/30. Unwise to try longs & be aware a break lower targets 5605 then 5580.
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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