Technical forecast for Brent Crude

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.

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