Crude Oil – Daily Forecast 03 Jan 2014

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Recommendations: SHORT positions below 98.95  with  93.85 &  92.00 as next targets.
Alternative scenario: The upside breakout of 98.95 will open  99.35/100.73.
Description: The Crude Oil maintained a bearish momentum yesterday, topped at 98.95 and bottomed at the 95.33 levels, now the pressure will be on the key support 95.33. The Crude Oil will have to hold below the 95.33 levels on a daily closing basis to push the market for further downside losses, If seen, It will target the 93.85 levels where a breach will turn the focus on the 92.00 levels. Alternatively; a failure to hold below the 95.33 levels could mean a return to the 98.95 levels, break of 98.95 would challenge 100.73 levels, a halt could be seen but a break of 100.73 will extend gains towards 102.20 ahead of 104.00 levels.

 

MARKET DATA

UPCOMING ECONOMIC EVENTS

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