Technical Forecast for Brent Crude

Brent Crude surprised with a break above 108.93 to 109.14. Friday’s price action negated the negative action on Thursday so a break above 109.20 today opens the door to 109.90/00. If we continue higher look for strong Fibonacci resistance at 110.45/65 & this should really see an top to the one month rally.

 

Immediate support at 108.70/55 but below here we could reach 107.85/75.If we continue lower we have very strong support at 107.05/106.90 for a buying opportunity this week. Use stops on longs below 106.70.