Brent failed below resistance in the 113.40/80 band again and we have dipped back to 111.00. This may be enough of a correction with daily charts now indicating a rally is on the cards so the downside should be limited in the days to come.

Try longs here but we cannot rule out a test of 110.25, possibly even 109.76/50 which would be an excellent buying opportunity if reached, although it looks unlikely now.

Go with a break above resistance in the 113.40/80 band looking for 114.20/40 next target then 115.63 above. Eventually a retest of 117.95 before the end of October is looking more likely now.

 

The article was first published by CharmerCharts