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Brent Crude intraday technical analysis

Brent Crude has collapsed & testing huge support from a 4 year trend line at 100.84. We are over sold of course so we need to watch this level carefully. Further support down to 100.21 so if we bounce within this band the 4 year up trend is still in tact. However a break lower today is likely to trigger longer term stops and send the market in to another spin targeting 99.60/30 then 98.50. Below here look for 97.90/70. If we can hold 100.84 look for 102.16 then 102.98. Any continued strength runs in to 103.42/62 where we should top out today. Stops on shorts needed above 104.00.

Jason Sen
Daily Technical forecasts US, Europe & Asia
Equity Index, Commodities, Forex & Fixed Income
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