Technical forecast for Brent Crude

brent2

Brent Crude headed lower as expected to support at 108.55/15 to try longs expecting a low for the day & we bottomed almost exactly here at 108.61. The bounce hit 110.60/70 & topped exactly here. Today’s outlook is still quite negative so watch for a drift lower to 109.35/30 then below 109.10/00 should see a retest of 108.65/60. A bounce from here is possible again today but watch for better Fibonacci & 200 day moving average support at 108.10/00 & a low for the day.
Exit shorts & try longs with stops below 107.70.

Immediate resistance at 110.10/20 & we should struggle here but if we continue higher look for 110.60/70 possibly as far as 111.00 highs for a selling opportunity within this band. Stops on shorts above 111.20 for 111.50/55.

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