Technical Forecast for Brent Crude
Brent Crude headed lower as expected to support at 108.55/15 to try longs expecting a low for the day & we bottomed almost exactly here at 108.61. The bounce hit 110.60/70 & topped exactly here. Today’s outlook is still quite negative so watch for a drift lower to 109.35/30 then below 109.10/00 should see a retest of 108.65/60. A bounce from here is possible again today but watch for better Fibonacci & 200 day moving average support at 108.10/00 & a low for the day.
Exit shorts & try longs with stops below 107.70.
Immediate resistance at 110.10/20 & we should struggle here but if we continue higher look for 110.60/70 possibly as far as 111.00 highs for a selling opportunity within this band. Stops on shorts above 111.20 for 111.50/55.
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