Brent Crude beat 109.40/50 & shot to our target of 110.30/40 with a high for the day expected & we topped almost exactly here at 110.53. This trade worked perfectly as we sold off to our first Fibonacci support today at 109.90/85. Below 109.75 should target 109.50/45 & possibly 109.15. A bounce from here is likely but if we continue lower look for a buying opportunity at 108.80/70.
A bounce from 109.90/85 is possible & should target 110.20/25. If we continue higher look for a retest of 110.53 with a break higher to reach 110.75/80. We can exit longs here & try shorts up to 111.00/05, with stops above 111.30. Reports will be delivered throughout the holiday period.
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Brent Crude : Buying Opportunity At 108.80 On Declines
Published 12/20/2013, 06:35 AM
Updated 05/14/2017, 06:45 AM
Brent Crude : Buying Opportunity At 108.80 On Declines
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