Technical Forecast for Brent Crude

Brent Crude for September is battling an overbought situation on the daily chart but we could still fill the roll over gap at 109.00/10 for a selling opportunity. However if we see a break higher look for a retest of 109.70/72 highs. A breakout today could then target strong Fibonacci resistance at 110.61 for an excellent selling opportunity.

 

Support at 108.47 from the 200 day moving average but below here we could bounce off 108.03/107.95. However a break lower risks a slide to Fibonacci & trend line support at 107.40/30. Expect a bounce from here.