Brent Crude Oil March Contract - Forecast for 02/08 by Daytradeideas.com

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March Brent broke 117.07/23 resistance & hit the 2012 second half highs at 117.95. With the market so overbought this should hold the top side now and offer a selling opportunity but stops needed above 118.40. We could then stretch to 119.80/120.00.We are looking for a dip back to 117.42 initially then 117.09. Below here there is good support today at 116.68/57 where we would expect a low.

 

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Long term levels117.95     September 2012 High117.07     Last Week’s High113.84     Jan 2013 High112.25     100 Week Moving Average112.60     Last Week’s Low110.90     100 Day Moving Average

108.91    200 Day Moving Average

 

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