Technical forecast for Brent Crude

brent1

Brent topped at 106.30/60 as predicted for a selling opportunity & is now testing our support at 105.10/90 for a nice profit taking opportunity on some shorts. Today’s outlook remains negative so failure here could then see us fill the gap at 104.25/05 & a low for the day possible. Exit remaining shorts & try longs here perhaps for a very short term bounce. Use stops on longs below 103.60.

105.50/60 is resistance & could hold the topside but above here may reach 105.90/00 but doubtful any further.

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