Technical forecast for Brent Crude

Brent Crude 102.65/75 has been acting as resistance as we start to look overbought in the short term now. However a push above here could test moving averages at 103.35/40 & Fibonacci resistance just above at 103.80. Exit longs & try shorts within this band perhaps, using stops above 104.10.

Failure to hold 102.50 sees a drift back to 101.85/55 possibly as far as last week’s low at 100.64. There is quite good support from here down to 100.26. Exit shorts & try longs in this band with stops below 99.80.