Brent broke through 115.24/50 to hit the next target at 116.38 and halted bang on here.
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.
(Photo: Reuters / )
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