Technical Forecast for Brent Crude
Brent Crude 102.65/75 has been acting as resistance as we start to look overbought in the short term now. However a push above here could test moving averages at 103.35/40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts within this band perhaps, using stops above 104.10.
Failure to hold 102.50 sees a drift back to 101.85/55 possibly as far as last week’s low at 100.64. There is quite good support from here down to 100.26. Exit shorts & try longs in this band with stops below 99.80.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.