Daily Forecast - 16 March 2016
WTI Crude April contract
WTI Crude has managed a good bounce to top just below 3710/3715. We are oversold short term so further gains not out of the question & target resistance at 3770/75. A good chance this will hold gains with the daily chart outlook more negative & we have short term trend line resistance just above at 3790/3800. However a break above here is positive 7 targets 3840/50, 3877 & perhaps as far as a retest of 3900/02 highs.
Failure to beat 3715 targets 3670/60 then strong short term support at 3600/3595. If we continue lower today however look for 3535/30 then 3505.
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