Brent Crude Oil Feb Contract - Forecast for 01/11 by Daytradeideas.com

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By Jason Sen | January 12, 2013 12:33 AM EST

DayTradeIdeas.com

Brent Crude did test last week’s high at 112.90. We expected the market to struggle here and entered shorts with a stop above 113.30. This worked nicely as the market topped at 113.29 and we have now broken the one month uptrend this morning. Hold on to those shorts then as we look for continued weakness to 111.11 and quite possibly 110.76. There is a good chance of a low for the day within this band so worth taking profit on those shorts but any longs here need a stop below 110.54.

Resistance now at 110.75/95 could hold any bounce this morning but if we break higher this can take us back 112.60/90. We can try shorts again here with a stop above 113.30. Buy in to longs on a break higher then looking for 113.63 and possibly 114.31/50 which fills a small gap to exit those longs.

Long term levels

112.90    Last Week’s High

112.14    100 Week Moving Average

111.16    100 Day Moving Average

109.62    200 Day Moving Average

109.38    Last Week’s Low

The article was first published by DayTradeIdeas.com

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The article was first published by DayTradeIdeas.com

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