Technical forecast for Brent Crude

brent1

Brent Crude for September is battling an overbought situation on the daily chart so risks are to the downside today. We held just above good support at 107.10/00 yesterday but if we continue lower today we should meet good support for the day at 106.60/40. However any longs need stops below 106.00 for a test of the 100 day moving average at 105.25/15 & a buying opportunity at this stage.

Resistance at 108.68/74 should be a challenge but above here we could fill the roll over gap at 109.00/10 for a selling opportunity.

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