Brent Crude Oil April Contract - Forecast by Daytradeideas.com

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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 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

 

 

The article was first published by DayTradeIdeas.com

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