Brent continued lower to hit trend line support at 109.81 & we bottomed exactly here. We are now severely over sold on daily & shorter term charts so we are looking for a bounce today back up to 110.76 & possibly 111.25. Above here look for 111.65 & then 112.00/13. This should be as far as we make it in the early part of the week.

109.82 remains good support this week but any longs will need stops below the 200 day moving average at 109.11 for 108.66 then 108.13.

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Long term levels

115.87     Last Week’s High

111.96     50% Fibonacci

112.07     100 Week Moving Average

111.59     100 Day Moving Average

109.82     Last Week’s Low

109.74     1 year trend line


 

The article was first published by DayTradeIdeas.com