Technical Forecast for Brent Crude
Brent Crude edged just a fraction higher but unable to hold a break above 109.20. We are battling an overbought situation which is limiting the topside. There remains risks to the downside with 108.40 then 107.96/86 the likely targets. If we continue lower look for good support at 107.05/00 for a buying opportunity at this stage.
However a break above 109.35 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.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.