Technical forecast for Brent Crude

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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.

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