March Brent Crude has made it to the next target of 112.90/113.29 and topped. The failure to break this month’s high now signals weakness in the days to come. We are looking for a test of our first downside target of 112.28/15 today. Below here we could then test support at 111.74. A bounce here is expected so exit shorts and try small longs looking for profit up to 112.28.
However a break below 111.50 keeps the pressure on for our next support at 111.30, possibly 110.86. 112.90/113.29 remains tough resistance and could cap if tested again today. A push through 113.40 however signals another leg high with targets of 113.58/63 then 114.31/50.
Long term levels
113.29 Jan 2013 High
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112.46 Last Week’s High
112.22 100 Week Moving Average
110.95 100 Day Moving Average
109.45 Last Week’s Low
109.06 200 Day Moving Average
The article was first published by DayTradeIdeas.com
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