Brent made it to 115.40/60 as hoped but went a little further to 115.87 before topping out. We have now tested & held good support in the 113.65/35 band as expected 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

There is a good chance of a rally back to 114.34 today. We are in a down trend so this could see selling pressure but if we push on look for 114.97, possibly 115.46/49 but doubtful any further.



Long term levels

119.86     Weekly 78.06% Fibonacci

118.19     Last Week’s High

117.95     September 2012 High

113.84     Jan 2013 High

113.84     Last Week’s Low

112.32     100 Week Moving Average

111.69     100 Day Moving Average


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