🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Brent Crude Oil Has Strong Resistance At 106,40, 107.40

Published 11/17/2013, 12:51 AM
Updated 05/14/2017, 06:45 AM

Brent Crude January beat 107.40/50 & Fibonacci resistance at 108.25/50 reaching 108.95. This was unexpected & although overbought short term if we can hold above 108.55 we could continue higher to the 100 day moving average at 109.22.

We should struggle here but above 109.50 offers a selling opportunity at 110.00/10. Failure to hold above resistance at 108.45/55 is more negative & triggers profit taking towards 108.10 & possibly 107.55 which should hold the downside. Use this as a buying opportunity with stops below 107.10.

Weekly Outlook: Only missed our buying opportunity at 102.80/50 by 18 ticks & it seems unlikely we will revisit this area for a second chance this week. Strong resistance at 106.40/55 then 107.40/50 & 108.55/60.
Brent Crude Oil

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.