Technical Forecast for Brent Crude

Brent Crude has continued lower with the outlook remaining weak. If we hold below 102.00 we could test the next support at 101.35/20. We are getting very oversold in the short term so this could hold the low for the day. Watch for a bounce but keeps stops tight below 101.00 as a break lower risks a move to 100.26. Exit shorts & try longs here with stops below 99.80.

 

102.40/50 is now resistance & could hold a bounce but above here we could test trend line resistance at 103.13 coupled with moving average resistance just above at 103.40. Shorts here need stops above 103.85.