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.