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Brent Crude: Fell Further Than Expected

Published 03/18/2014, 03:25 AM
Updated 07/09/2023, 06:31 AM

Brent Crude Weekly Chart
Brent Crude May contract fell further than expected to test 21 month trend line support at 106.15/10. Prices are severely oversold and could bottom now after a near 600 point sell of this month. Today we look for a move to 106.75 then 107.10/15. If we continue higher look for 107.40/45 and perhaps as far as 107.65/70 for a selling opportunity with a good chance of a high for the day.

Failure to beat 106.75 keeps the market under pressure for just a little longer and a retest of 21 month trend line support at 106.15/10 offering a second buying opportunity. Just be aware that a break lower meets further good support at 105.60/40 from February lows and 200 week moving average.

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