Daily Forecast - 31 March 2016

WTI Crude May contract

WTI

WTI Crude sold off to quickly to first support at 3820/10 for a nice 160 tick profit. As I write we are trading just below here over night signalling further weakness to 3750/45 & minor support at 3720/10. Unwise to try longs here. If we continue lower look for 3665/60 then a buying opportunity at 3600/3590 this week. Longs need stops below 3550.

Bulls need prices to hold above 3825 or they have lost short term control. Above here targets 3860 then 3885 & 3905/10. If we continue higher look for strong resistance at 3960/70 & a good chance of a high for the day once again. Shorts need stops above 4000. A push higher through 4000 opens the door to 4075/80.

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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