Technical Forecast for Brent Crude

Brent Crude for September is battling an overbought situation on the daily chart so risks are to the downside today. We held just above good support at 107.10/00 yesterday but if we continue lower today we should meet good support for the day at 106.60/40. However any longs need stops below 106.00 for a test of the 100 day moving average at 105.25/15 & a buying opportunity at this stage.

 

Resistance at 108.68/74 should be a challenge but above here we could fill the roll over gap at 109.00/10 for a selling opportunity.