Technical forecast for Brent Crude

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Brent Crude held support at 109.35/30 & is just sitting above 110.10/20 which should allow a test of 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.

Failure to hold 110.00 however is more negative & could see us back towards support at 109.35/25. A bounce from here is likely but be ready to go with a break lower for support at 108.65/60 & a low for the day expected. However just be aware that we have better Fibonacci & 200 day moving average support at 108.10/00. Exit shorts & try longs with stops below 107.70.

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