Technical forecast for Brent Crude

brent

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.

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