March Brent Crude has support at 113.04 today but below here 112.55/49 should provide a good buying opportunity as we look for a low for the day. However stops on longs needed below 112.10 for 111.776/66 where we would be attempting longs with a stop below 111.40.
Resistance from last week’s high is at 113.84 but a break higher in this steady bull run then targets 114.31/50 to fill a small gap from October. Above 114.72 we could then push on towards 115.91/116.02.
Long term levels
113.84 Jan 2013 High
112.22 100 Week Moving Average
111.35 Last Week’s Low
110.89 100 Day Moving Average
108.91 200 Day Moving Average
The article was first published by DayTradeIdeas.com