Technical Forecast for Brent Crude

Brent Crude held support at 109.35/30 & is just sitting above 110.10/20 which should allow a test of 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.

 

Failure to hold 110.00 however is more negative & could see us back towards support at 109.35/25. A bounce from here is likely but be ready to go with a break lower for support at 108.65/60 & a low for the day expected. However just be aware that we have better Fibonacci & 200 day moving average support at 108.10/00. Exit shorts & try longs with stops below 107.70.