Technical Forecast for Brent Crude

Brent topped at 106.30/60 as predicted for a selling opportunity & is now testing our support at 105.10/90 for a nice profit taking opportunity on some shorts. Today’s outlook remains negative so failure here could then see us fill the gap at 104.25/05 & a low for the day possible. Exit remaining shorts & try longs here perhaps for a very short term bounce. Use stops on longs below 103.60.

 

105.50/60 is resistance & could hold the topside but above here may reach 105.90/00 but doubtful any further.