Daily Forecast - 11 February 2016
WTI Crude March contract
WTI Crude holding below 2720 is negative & below 2680 risks a retest of important January lows at 2632/19. Obviously this is the most important level of the day but I would not bet too much on it holding. Be ready to sell a break below here to target 2565/60, 2545/40 & would you believe 2003 year lows at 2504. Further losses targets 2002 Q4 lows at 2482. Then we are looking for 2440, 2420 & 2380.
Bears very much in control so selling in to strength remains the profitable trade. First resistance at 2740 then 2775. If we continue higher look for 2870/75.
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