Brent Crude Oil April Contract - Forecast by Daytradeideas.com

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By Jason Sen | February 16, 2013 12:56 AM EST

DayTradeIdeas.com

Brent has held below 118.20/30 now for a week. It does look like we are setting up for a correction & a move back to 117.30 looks likely today. Watch for a break lower to target good support at 116.70 & the chance of a low for the day. Unlikely we fall any further but 116.19 would be the next target then 115.71 should be an excellent opportunity for longs.

Above 118.30 we have a roll over gap to fill at 118.42 which should mark the high for today. However above here resistance at 119.00/17 again. A break although not expected, would then target 119.80/120.00. Here we need to exit all longs & can try shorts with a stop above 120.50.

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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The article was first published by DayTradeIdeas.com

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