March Brent Crude beat resistance of 114.50 hitting the next target and tough resistance at 115.13. We see a risk of profit taking here as stated and we topped out just above at 115.25.
Failure to break above 115.25 should see a drift back to 114.58 and if we continue lower look for 114.17. Below here we have very good support for the day at 113.87/83 and would expect to see a low if tested. Any longs however need a stop below 113.50 for 113.03 which could mark the low for a correction if seen.
Resistance remains in the 115.13/25 area and should be a tough obstacle again today. However a break higher should then see us on the way to 115.91/116.02. Go with a break above 116.20 then for 117.02.
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