Brent Crude going nowhere for the last 7 sessions. It appears we are trading sideways to allow the oversold conditions to unwind before the next leg lower
Brent Crude December contract Daily Forecast - 28 October 2014Brent Crude going nowhere for the last 7 sessions. It appears we are trading sideways to allow the oversold conditions to unwind before the next leg lower in the bear trend. Immediate support at the low last week of 8440/12. We held just above here yesterday in fact, but a break lower today risks a slide to crucial support at 8380/70. Failure here then targets 8305/95. However any longs need stops below 8260. Be ready to go with a break lower to target 8190/80 then 8075 and 7986 in to next week.
We need to hold above 8510/15 for a chance to test resistance at 8665/75. A good chance of a high for the day but shorts need stops above 8725. Be ready to go with a break higher then to target 8785/95 for profit taking on longs.
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