Market Overview

Technical Forecast for Brent Crude

Share:
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.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Technicals Commodities Markets Trading Ideas

 

Related Articles

View Comments and Join the Discussion!