Daily Trading Report for Brent Crude Oil October Contract by CharmerCharts

By Roger Baettig | September 04 2012 3:36 AM

Brent broke through 115.24/50 to hit the next target at 116.38 and halted bang on here.

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We are starting to look overbought in the short term so some profit taking may be seen today with 115.21 the first target. Watch for a bounce from this support but below 114.90 risks a further slide to 114.50. If this fails to see a floor today we have 9 and 21 day MA at 113.95/87 which should offer an excellent buying opportunity.

A break above the 116.38 level leads us to 116.66/72 before Aug highs at 117.03. With the market likely to be severely overbought in the short term we look for a top here today.

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