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Brent Crude Risk To 122

Published 08/28/2013, 03:31 AM
Updated 12/12/2023, 05:55 AM
Brent Crude risk to 122/124 area, maybe to 126.25
  • We had looked for further upside into month-end, but were surprised by the aggressive surge posted Tuesday and again this morning.
  • We have stated through latter August that “the early Sept threat is to the 113.61 cycle high with risk to key 2011/12 secular peaks, 114.44/80”.
  • The break above these secular highs with a bull gap this morning (115.05-114.40) needs to be sustained today to indicate this is not just a head fake.
  • A sustained gap and close above 114.44/80 would then aim for longer term targets at 117.45, 122.00, 124.45 and maybe even 126.25.
WHAT CHANGES THIS?
  • A gap close would ease bull threats. Below 110.80 would switch neutral.
Please see latest audio-visualanalysis here

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Monthly Brent Crude Future

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