Brent collapsed as predicted to hit the target of 113.67 & we continued just a little lower to 113.32. Today we expect a bounce & above 114.31 we should target 114.69. This could be a problem & take a while to overcome but eventually we should push on for 115.40/60. This should hold a bounce over the next 2 session so we will be looking to enter shorts here with a stop above 115.95.

Good support in the 113.65/35 band is expected to hold the downside today but if we do break lower look for 113.07 then 112.70/60. Here we should see a floor but longs need a stop below 112.30.



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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