Technical forecast for Brent Crude

brent1

Brent Crude hit the target of 110.76 then failed just below 111.20 at 111. We have fallen back to the 109.60/55 target now & bottomed exactly here at this stage. This is quite good support & we could see a bounce from here but today’s outlook is still quite negative so any longs need stops below 109.10 for a test of the next support at 108.55/15. Exit shorts & try longs within this band expecting a low for the day with stops below 107.80.

We are overbought on the daily chart & short term we still look quite negative but if we hold good support at 109.55 look for 110.10/20 & we should struggle here. A high for the day is very possible but if we continue higher look for 110.60/70 before 111.00 highs 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