Intraday analysis of Brent Crude
Brent Crude formed a bullish inverse head & shoulders as hoped & we made it all the way to our measured target of 111.20/50. We suggested to exit all longs here & try shorts with a stop above 111.95. The market has now topped at 111.79 so this has all worked perfectly for the second time.
We broke support at 110.40/30 & fell as far as 110.10. Today 110.00/90 could hold the downside again but be ready to go with a break lower looking for 109.55/35. We should see a good bounce from here but longs need a stop below 109.00.
Daily Technical forecasts US, Europe & Asia
Equity Index, Commodities, Forex & Fixed Income
The comment in this blog is the personal opinion of the contributors and not InterTrader.com. The content does not constitute financial, investment or tax advice. You are advised to discuss your specific requirements with an independent financial adviser prior to entering into any bet. InterTrader.com is not responsible and disclaims any and all liability for the content of comments written by contributors to the blog, and the content of any third party sites linked from this blog.