Daily Forecast - 11 December 2013
Brent Crude January contract
Brent Crude rallied towards 110.50/60 as expected for our selling opportunity & a high for the day expected. We topped almost exactly here at 110.45 & collapsed through 109.30/20 towards 108.45/40. We expected a low & bottomed almost exactly here at 108.55. Today's outlook remains quite negative so watch support at 108.55/45. Failure here targets support at 108.05/00 which could hold the downside but below here meets 200 day moving average support at 107.60/40.
If we can hold above 109.20 we could reach 109.70/75. This could hold a move higher but shorts need stops above 109.95 for a selling opportunity at 110.30/40 with stops above 110.80.
Weekly Outlook: Support now at 110.60 then 109.20. Next target is 108.10/00. Above 112.20 can target 113.00 highs last week. A break higher targets 114.28.
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