Technical forecast for Brent Crude

Brent Crude edged just a fraction higher but unable to hold a break above 109.20. We are battling an overbought situation which is limiting the topside. There remains risks to the downside with 108.40 then 107.96/86 the likely targets. If we continue lower look for good support at 107.05/00 for a buying opportunity at this stage.

However a break above 109.35 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.