Brent Crude tumbled to our lower target of 106.55/45 & bottomed almost exactly here on Friday at 106.30. This morning we continued lower to 106.00 but
Brent Crude March contract Brent Crude March contractBrent Crude tumbled to our lower target of 106.55/45 & bottomed almost exactly here on Friday at 106.30. This morning we continued lower to 106.00 but being oversold short term now could stage a small recovery today. 106.50/55 is first resistance & could hold a move higher with the daily chart looking more negative. However above 106.65 is more positive & targets 106.90/00 where a high for the day is likely but shorts need stops above 107.25 for a selling opportunity at 107.50/60.
Immediate support is 106.10/00 but below here see 105.80 then January lows at 105.44. If this does not hold the downside we meets Fibonacci support at 105.15/10.
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