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

Brent Crude: Quite Volatile

Published 12/18/2013, 06:09 AM
Updated 07/09/2023, 06:31 AM

Brent Crude Weekly Chart
Brent Crude February contract topped a fraction below resistance at 109.50/55, collapsed to fill the gap at 108.39 and bottom just above support at 108.14/04. Quite volatile but in effect we have gone nowhere in 6 sessions so there is no clear trend. We are oversold short term though so watch resistance at 108.65/70. Above here we should stretch to 109.00 and possibly as far as 109.40/50 for another selling opportunity with stops above 109.80.

Failure to beat 108.70 leads to a retest of 108.25/15. Go with a break lower for a test of 107.70/60 which should hold the downside. However on a break lower we can target 107.10 and may be even 106.70/65 for a buying opportunity.

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.