Brent Crude Oil April Contract - Forecast by

on February 28 2013 10:03 AM
Brent Crude Oil April Contract 2013.02.26
Brent Crude Oil April Contract 2013.02.26

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



The article was first published by

Share this article

More News from IBT MEDIA