Brent has been under pressure lately but is just holding above 100 day MA at 111.48 and short term Fibonacci support at 111.53. If we can continue to hold on here and push through 112.70/80 we could reach for 113.40/50. The market does look likely to remain under pressure in the days to come so a move here runs in to the 9 day MA and longer term Fibonacci resistance so should provide a good chance to sell in to shorts with stops needed above 114.00.

A break below 111.30 however can then target 110.85 on the way to out first long term downside target at 110.29. This should hold for now but a break below 109.80 would signal further losses with 109.57 and possibly 109.13 achievable.

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