Daily Forecast - 08 May 2014
Brent Crude June contract
Brent Crude retested the 2 day low of 107.05 & longs here worked perfectly as we held above last week's low. We got the recovery as expected beating 107.75/80 for a retest of 108.20/30. We did struggle again as predicted with a high for the day exactly here but a break higher is more likely today for a selling opportunity at 108.75/80. Exit longs & try shorts with stops above the 200 day moving average at 109.05. Only a close above here would keep the short term outlook positive.
Immediate support is 107.75/70 but below 107.60 keeps the market under pressure for 107.40/35. If we continue lower look for another buying opportunity at 107.05/106.95, with stops below 106.80.
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