Brent had a correction on Friday just as predicted testing 116.19 support and bounce from a low of 116.28. We have made it back to tough resistance at 118.04/15. This may prove unbeatable today & further losses are expected this week. However above here we have a gap to close & tough resistance at 118.42/51. If we manage to keep pushing higher we hit Feb highs at 119.12/17 which are expected to hold on a retest.

Support at 117.60/40 then 117.05/116.95 below. A move lower however risks another test of 116.28/19. Good chance of a low here again today with further strong support just below at 115.88/83.



Long term levels

119.86      Weekly 78.06% Fibonacci

119.12      Last Week’s High

117.95      September 2012 High

116.28      Last Week’s Low

113.84      Jan 2013 High

112.36      100 Week Moving Average

111.53      100 Day Moving Average


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