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Friday 30 Oct 2020
FWP Network > Forexhound.com > Analysis > Commodities Analysis > Energy > Technical forecast for Brent Crude
Technical forecast for Brent Crude
Energy · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast
Brent Crude surprised with a break above 108.93 to 109.14. Friday’s price action negated the negative action on Thursday so a break above 109.20 today opens the door to 109.90/00. If we continue higher look for strong Fibonacci resistance at 110.45/65 & this should really see an top to the one month rally.
Immediate support at 108.70/55 but below here we could reach 107.85/75.If we continue lower we have very strong support at 107.05/106.90 for a buying opportunity this week. Use stops on longs below 106.70.