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Technical Forecast for Brent Crude

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.

The preceding 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


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