March Brent is heading back to 119.07/17 highs. This remains tough resistance & the chance of a high here again but a break could then target 119.80/120.00. Here we need to exit all longs & can try shorts with a stop above 120.50.

Support if we fall back is at 118.20 but below here a good buying opportunity at 117.62/50. Use stops below 117.10.



Long term levels

119.86     Weekly 78.06% Fibonacci

119.17     Last Week’s High

117.95     September 2012 High

115.01     Last Week’s Low

113.84     Jan 2013 High

112.25     100 Week Moving Average

110.90     100 Day Moving Average

108.91     200 Day Moving Average


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