Brent Crude Oil January Contract Daily Report by CharmerCharts

Yesterday Brent traded sideways early in the session making a low of 109.45 before trading higher in the afternoon making a high of 111.30 and closing at 110.42, which will now becomes resistance as it’s the 5 and 8 day MA day above here we have resistance at 110.49 this is the 50% fib level then above here we have pivot resistance at 111.10 if we manage to climb above here this will entice the 76.8% fib level at 111.98 The weekly stochastics are neutral at 50% but the daily charts are still bearish but are now at 60% the 240 mins have just turned negative and the 60 mins have some way to go on the downside. Therefore we should see sellers first thing, as we managed to close under the 50% fib our new target will be the 38.2% fib at 108.96 where the market should hold as the short term stochastics will become oversold.To the downside we have support from the 13 day MA at 109.83 a break below here will entice the 100 day MA at 109.29 and then down to the 200 day MA 109.14 below here gives us a new target of 108.96 the 38.2% fib a break here will take us to pivot support 1 at 108.58, and then down to pivot support 2 at 107.74 giving us a new target of 107.09 the 23.6% fib level.

The article was first published by CharmerCharts