Brent Crude Oil March Contract - Forecast by Daytradeideas.com

March Brent broke 117.95 to reach 119.07/17, in an unstoppable bull market that could now target 119.80/120.00.

Any profit taking should test 118.59 then 118.23 below with a good chance of a low for the day but any further weakness then finds excellent support at 118.02/117.94 for a buying opportunity with stops below 117.65.

Long term levels

119.86     Weekly 78.06% Fibonacci

119.17     Last Week’s High

117.95     September 2012 High

115.01     Last Week’s Low

113.84     Jan 2013 High

112.25     100 Week Moving Average

110.90     100 Day Moving Average

108.91     200 Day Moving Average

The article was first published by DayTradeIdeas.com