Technical forecast for Brent Crude

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.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More