WTI Crude Oil Feb Contract - Forecast for 01/29 by Daytradeideas.com

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WTI Crude Oil hit resistance at 96.80/92 to offer a selling opportunity as hoped and we fell back to our first support and downside target of 95.45/40 where we expected a bounce and indeed the low was 95.47.

Some nice profit there and we can trade this range again today while we wait for a break out. With the market so overbought the risk is of a break to the downside so any longs need a stop below 95.25 for 95.00 and possibly further losses towards 94.55/48.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Commodities

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