Technical forecast for Brent Crude

brent

Brent Crude broke 100.00/85 but held on to the next support at 99.50. Today we have support at 101.20/10 but below here look for 100.70/60 & then a retest of 99.85/65. A break lower today could target the 200 week moving average at 98.93. A low for the day is very possible here but longs need stops below 98.60.

102.00/10 is our first resistance but a break above yesterday’s high at 102.48 sees 102.80/85 & possibly a move towards 103.50/60. Exit longs & try shorts here with stops above 104.00.

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