Daily Forecast - 13 January 2016
WTI Crude February contract
WTI Crude severely oversold now & seems like every commentator & analyst is negative which makes me wary of a short squeeze. There are very minor positive short term candles but we need to beat first resistance at 3115/20 to build a short term recovery & target stronger resistance at 3190/95. Shorts need stops above 3225. A break higher however targets 3255 then strong resistance at 3315/20. Try shorts with stops above 3345.
The big $30 psychological round number is key to the downside. A break below 2980 adds pressure of course to target 2968/65 then minor support at 2930. If we continue lower look for 2870 then 2847/45 & 2828/25.
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