Technical forecast for Brent Crude

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Brent Crude for September is battling an overbought situation on the daily chart but we could still fill the roll over gap at 109.00/10 for a selling opportunity. However if we see a break higher look for a retest of 109.70/72 highs. A breakout today could then target strong Fibonacci resistance at 110.61 for an excellent selling opportunity.

Support at 108.47 from the 200 day moving average but below here we could bounce off 108.03/107.95. However a break lower risks a slide to Fibonacci & trend line support at 107.40/30. Expect a bounce from here.

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