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Technical Forecast for Brent Crude

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Technical Forecast for Brent Crude

 

Brent Crude did push on for 105.31 & made a high for a high for the day exactly here as predicted. We are overbought now & should see some profit taking after 4 days of gains but if we continue higher look for a retest of 105.95/106.05 May highs. This should hold again this week so we could exit longs & try shorts with stops above 106.50 for a test of March lows at 106.80.
 
Immediate support is at 104.40/30 so a break below here should trigger sell orders & keep the market under pressure for 103.85/75. This should hold the downside so worth profit taking on shorts, but a break lower should see 103.25 & possibly good support at 102.70/50.

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Posted-In: Technicals Commodities Markets Trading Ideas

 

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