Technical Forecast for Brent Crude

Brent Crude broke support at 101.35/20 but being very oversold in the short term we bounced ahead of our buying opportunity at 100.26 & recovered to 102.40/50 resistance. This has held the bounce as expected but the outlook is more positive today so a push above here looks likely for a test of moving averages at 103.40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts with stops above 104.10.

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Failure to hold 102.50 sees a drift back to 101.85/55. Exit shorts & try longs here with stops below 101.20. We then look for a test of yesterday’s low at 100.64 & a bounce from here.