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
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