Market Overview

Technical Forecast for Brent Crude

Technical Forecast for Brent Crude


May Brent Crude hit very tough resistance at 110.50/60 & as predicted we topped out exactly here.
We are below 108.90 & may retest last week’s low at 107.91/84. This is still good support & we may bounce off here again today. A break below 107.80 however keeps the pressure on for 107.58 & then 107.09/01. Below here risks a test of December lows at 106.66/63.
If we manage to push through 109.05 we could stretch to 109.56 resistance but unlikely we can make it any higher at this stage.

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 Markets Trading Ideas


Related Articles

View Comments and Join the Discussion!

Technical Forecast for WTI Crude

The EU Needs a Bill Seidman to Save It from Itself: Cyprus and the "Reverse Toaster Theory"