Brent broke 111.61/70 and hit the next target on the nose at 112.50/60 to take profit and try shorts from here up to the 21 day MA at 112.84. A tight stop needed above 113.10 as a break higher targets 113.81/88 which looks to be another good selling opportunity at this stage.
Support at 111.34/24 but below here risks a slide to 109.76/66. If we fail here look for support to be tested again at
118.70/45. A break lower 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