Technical forecast for Brent Crude

brent

Brent Crude broke 109.92-110.05 keeping the up trend for the target of 110.76 & topped almost exactly here at 110.70. You cannot bet against a break higher today for a test of 111.20. We should struggle here as we start to look overbought but if we continue higher look for 111.52/68

Failure to beat 110.70/76 sees a dip to immediate support at 110.05/00 which could mark a low for the day. However longs need stops below 109.80 for 109.60/55. If this does not hold, look to exit shorts & try longs down to 109.30/25 expecting a bounce from here but with stops below 108.90.

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