Daily Forecast - 04 April 2016
WTI Crude May contract
WTI Crude lower again & holding below 3665/60 as I write over night as we look for a buying opportunity at 3595/3585. A good chance of a low for the day but longs need stops below 3550. A break lower however is a sell signal & sees 3585/95 act as resistance to target 3530/20 then 3490/85. If we continue lower look for support at 3410/00.
Holding strong support at 3595/3585 as hoped allows a recovery to 3660/70 then minor resistance at 3710/15. We should struggle initially but further gains eventually could target 3750/60. If we make it as far as strong resistance at 3815/25, exit any remaining longs & try shorts with stops above 3860.
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