Brent has really calmed down and just dipped below 118.70 support before recovering. Same levels apply for today. We have recovered 109.70/66 and look for 111.11/29 again with resistance at 111.61/70 above. If we can push through here today look for 112.50/60 to take profit and try shorts with a tight stop above 113.00 as a break higher targets 113.81/88 which looks to be a good selling opportunity at this stage.
Support at 109.76/66 is acting as pivotal at present so below here look for support to be tested again at 118.70/45. Failure here however signals a retest of the 38.2% Fibonacci retracement of the whole rally at 107.08. Just below here is the 100 week MA at 106.90 so stops on longs needed below here for 105.84 then the 100 day MA and late July highs at 105.27/24.
Longs here need stops below 104.80 for the 50% Fib support at 103.72.
The article was first published by CharmerCharts