Daily Forecast - 27 January 2016
WTI Crude March contract
WTI Crude could be entering a more stable phase where we will see a sideways range trend develop. We held the 3050/40 level & could now re-target 3085 then our selling opportunity at 3230/40, with stops above 3270. Just be aware that a break above 3270 is a buy signal today & targets 3325/30 then strong resistance at 3355/60 & the main challenge for bulls this week.
First support at 3050/40 but below 3020 risks a slide to minor support at 2975/70. If we continue lower look for 2940, perhaps as far as 2895/90. On further losses look for 2845/40 then a retest of the 2790/87 lows.
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