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.