March Brent failed at 119.07/17 highs as expected and we now have a small bearish double top pattern. We are now trading the April contract which should test good support at 117.65/55 this morning. If we cannot hold here then look for 117.10 & possibly 116.66/61 today to cover all
shorts & look for a bounce.

Above 118.19 we have a roll over gap to fill at 118.42 which should mark the high for today. However above here resistance at 119.00/17 again. A break is not expected but would then target 119.80/120.00. Here we need to exit all longs & can try shorts with a stop above 120.50.



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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