WTI Crude headed lower breaking 9460/50 to bounce 16 ticks above the next target & support at 9400/3990. This bounce took prices back up to 9460 &
WTI Crude October contract Daily Forecast - 05 September 2014WTI Crude headed lower breaking 9460/50 to bounce 16 ticks above the next target & support at 9400/3990. This bounce took prices back up to 9460 & we have been sitting just below over night. A push higher should target 9510/20 but above 9540 opens the door to a retest of this week’s high of 9583/91. A break above last week’s high of 9600 allows further gains to the 100 day moving average at 9645/50. If we continue higher look for 9690/9700 then strong resistance at 9745/50.
Failure to beat 9460 keeps the market under pressure for support at 9425/15. Any longs need stops below 9385 as a break lower today then targets 9340/35. Below here risks a retest of of August/September lows at 9270/50.
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