Brent Crude Oil March Contract - Forecast for 02/04 by Daytradeideas.com

March Brent Crude bottomed at 115.41, just above support at 115.24/15 and then broke 115.91 as expected to hit our next target of 117.02 and topped out almost exactly here at 117.07.

We are looking very overbought and we could see profit taking today with 116.36 the first target but below here look for 115.92. A good chance of a low here today so we look for a good bounce but in the unlikely event of a break lower we should see 115.57 before a very good buying opportunity at 115.27/22.

A push through 117.10 keeps the bull market going for a test of Sept 2012 highs at 117.95. With the market so over bought there is a risk we hit profit taking here so may be wise to exit longs on the approach.

Long term levels

117.95     September 2012 High

117.07     Last Week’s High

113.84     Jan 2013 High

112.25     100 Week Moving Average

112.60     Last Week’s Low

110.90     100 Day Moving Average

108.91     200 Day Moving Average

The article was first published by DayTradeIdeas.com