Brent Crude reached 111.50/60 for profit taking as predicted, then continued higher for a selling opportunity at 112.10/20 and topped almost exactly here at 112.06. Again we should struggle at this level with a high for the day likely. However use stops above 112.40 for a retest of 113.00/05 and the next selling opportunity.
Immediate support is 110.75/65 and could hold the downside. However a break below 110.40 is a sell signal and risks a test of 110.20, possibly as far as 100 day moving average at 109.70/60. If this does not hold the downside look for a low for the day at 109.30/20, with stops below 108.90.
Weekly Outlook: Support now at 110.60 then 109.20. Next target is 108.10/00. Above 112.20 can target 113.00 highs last week. A break higher targets 114.28.
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Brent Crude: High For The Day Likely
Published 12/09/2013, 05:04 AM
Updated 07/09/2023, 06:31 AM
Brent Crude: High For The Day Likely
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