Brent Crude Oil April Contract - Forecast by Daytradeideas.com
By Jason Sen | February 16, 2013 12:56 AM EST
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