WTI Light Crude Feb contract Forecast for 25th January 2013

WTI Light Crude Feb contract Forecast for 25th January 2013
WTI Light Crude Feb contract Forecast for 25th January 2013
WTI Crude Oil failed just below 96.80/92 but if we test this level today it could offer a selling opportunity. A break above 97.30 however triggers stops on shorts and keeps the 6 month bull running towards 97.75/95 then 98.58. Above here 99.52 looks achievable.

We are back below 96.00 this morning and could continue lower to 95.45/40. This is good support and we could bounce from here. However any longs need a stop below 95.25 for 95.00 and possibly further losses towards 94.55/48. Unlikely we fall any further today so watch for a low here but if we break below 94.30 we could be on the way to 93.90/75 next.

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