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.




Long term levels

117.95     September 2012 High

117.07     Last Week’s High

113.84     Jan 2013 High

112.25     100 Week Moving Average

112.60     Last Week’s Low

110.90     100 Day Moving Average

108.91    200 Day Moving Average


The article was first published by