Brent Crude formed a bullish inverse head & shoulders as hoped & we made it all the way to our measured target of 111.20/50. We suggested to exit all longs here & try shorts with a stop above 111.95. The market has now topped at 111.79 so this has all worked perfectly for the second time.
We broke support at 110.40/30 & fell as far as 110.10. Today 110.00/90 could hold the downside again but be ready to go with a break lower looking for 109.55/35. We should see a good bounce from here but longs need a stop below 109.00.
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