Brent Crude held by resistance at 106.45/65 & broke 105.20/13 for a move towards our target of 104.70/60. Here we meet our next good buying opportunity & bottomed almost exactly here at 104.80. Use this area as a buying opportunity again today with stops below a small gap at 104.12. A bounce from 104.80 could be seen as we look for a low for the week & should target 105.50/60 but if we continue higher look for resistance at 106.45/65 to hold the topside again today. Just be aware that a break higher targets 107.50/60.
Weekly Outlook: Negative. We could continue lower to support at 104.65 & may be as far as 103.80/70. This could hold the downside but further weakness meets a buying opportunity at 102.80/40. Immediate resistance at 107.50 then 108.25/50 could hold the topside.
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Brent Crude Oil Outlook Negative, Support Seen At 104.65
Published 11/07/2013, 06:06 AM
Updated 05/14/2017, 06:45 AM
Brent Crude Oil Outlook Negative, Support Seen At 104.65
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