Brent Crude Oil Feb Contract Forecast for 7th January by Daytradeideas.com

Brent Crude looks ready for some profit taking with failure to get back above 111.43/53 likely to pressure prices down to 110.54/38. Failure here today then sets us up for further losses to a target of 109.80. Good chance of a bounce off this level today but if attempting longs here we need a stop below 109.50 for 109.05.

If however the markets starts pushing through 111.77 we should see further gains with 112.40 the first target before last week’s high at 112.90. Expect the market to struggle here but any shorts will need a stop above 113.30 for 113.63 and possibly 114.31/50 which fills a small gap.

Long term levels112.90    Last Week’s High112.14    100 Week Moving Average111.16    100 Day Moving Average109.62    200 Day Moving Average109.38    Last Week’s Low

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