Technical Forecast for Brent Crude

Brent Crude broke 109.92-110.05 keeping the up trend for the target of 110.76 & topped almost exactly here at 110.70. You cannot bet against a break higher today for a test of 111.20. We should struggle here as we start to look overbought but if we continue higher look for 111.52/68 

 

Failure to beat 110.70/76 sees a dip to immediate support at 110.05/00 which could mark a low for the day. However longs need stops below 109.80 for 109.60/55. If this does not hold, look to exit shorts & try longs down to 109.30/25 expecting a bounce from here but with stops below 108.90.