Technical forecast for Brent Crude

brent1

Brent Crude has continued lower with the outlook remaining weak. If we hold below 102.00 we could test the next support at 101.35/20. We are getting very oversold in the short term so this could hold the low for the day. Watch for a bounce but keeps stops tight below 101.00 as a break lower risks a move to 100.26. Exit shorts & try longs here with stops below 99.80.

102.40/50 is now resistance & could hold a bounce but above here we could test trend line resistance at 103.13 coupled with moving average resistance just above at 103.40. Shorts here need stops above 103.85.

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