WTI Crude Oil broke support at 96.44 towards our lower target of 94.90/80 which we expected to be a very good buying opportunity & a low expected & we bottomed just above at 95.04. We have seen a big bounce back to 96.99 and we need to exit those longs and try shorts with a stop above 97.50. A break here allows a run back up to 97.74 with 98.24 highs above.
We should hold 97.00 and fall back to 96.23 then 95.77. Below here we look for good support at 95.05/96.90 again today and a low potentially but be aware that a break lower confirms a bear-
ish topping pattern with 94.40 expected next then 94.05/90. Below here we should see 93.26 but do not be surprised to see 91.72 before we bottom out in the weeks to come.
WTI holds 97.00 & closing on 1st target 96.23 then 95.77 expected.
Nat Gas did not make it to 3.390/3.375 support and shorts have been stopped out above 3.445 as we look for continued strength to a target of 3.478. This should offer a good selling opportunity
today with a stop above 3.491. A break higher could then target 3.551.
3.390/3.375 is support if we drift lower. This may mark the low but a break could then target 3.350/45 then 3.310 today.
March Brent still not managed a close above last week’s high of 117.07 and could see a drift lower to 116.14 now. The market looks very over bought so a break lower is possible for
115.50/40 but good support here could hold the downside. Any longs will need a stop below 114.90 for 114.40/25 as the next support area.
117.07/23 is resistance but a break through here targets 2012 second half highs at 117.95. With the market so overbought this should hold the top side and offer a selling opportunity but stops
needed above 118.40. We could then stretch to 119.80/120.00.
Gasoil held Tuesday’s again hitting 1014/16 resistance & as predicted we did see a low at almost exactly 1003. Chance of a low here again today but if we continue lower look for 999 and then
we can try longs down to 997.25/996.50 expecting a bounce with a stop below 995.
1014/16 remains tricky resistance but if we break higher we should then close a gap at 1021.