Technical forecast for Brent Crude

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Brent Crude broke support at 101.35/20 but being very oversold in the short term we bounced ahead of our buying opportunity at 100.26 & recovered to 102.40/50 resistance. This has held the bounce as expected but the outlook is more positive today so a push above here looks likely for a test of moving averages at 103.40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts with stops above 104.10.

Failure to hold 102.50 sees a drift back to 101.85/55. Exit shorts & try longs here with stops below 101.20. We then look for a test of yesterday’s low at 100.64 & a bounce from here.

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