Brent could not beat 117.03 and collapsed to 111.50. The bounce from here has been held by 114.42 and above here today we run in to 114.72. If we push higher look fort 115.49 which may see sellers pile in but a continued move upward then targets 116.43/65. Above 117.03 we can then try for 117.67/95.
A break above this point sets us on a path to the weekly 76.4% Fib level of 118.98.
Below 113.96 keeps the pressure on for 113.04/02. Below here we are looking for 112.15/00 then a retest of yesterday's low at 111.50 and from here down to 111.24 offers good support and the chance of a bounce. Stops needed below 111.00 for 110.29 then a test of 200 day MA at 109.58.
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