Brent Crude Oil April Contract - Forecast by Daytradeideas.com

 
on February 28 2013 10:03 AM

Brent could not make it through 113.16 resistance & broke lower to hit the target of 111.96/72. This is strong Fibonacci support plus 100 day moving average & as predicted it has provided a floor. There is a very good chance we push higher from here today to target 112.65 & possibly as far as 113.26/41. Look for a top here today but be ready to go with a break above 113.80 for 114.26/50.Just below 111.96/72 support we have the 3 month uptrend line at 111.30 so longs will only need stops if we break significantly below here.

 

 

 

Long term levels119.86     Weekly 78.06% Fibonacci118.19     Last Week’s High117.95     September 2012 High113.84     Jan 2013 High113.84     Last Week’s Low112.32     100 Week Moving Average111.69     100 Day Moving Average

 

 

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