Daily Forecast - 02 July 2014

Brent Crude August contract

Brent Crude

Brent Crude broke 112.45/40 unexpectedly but did not make it as far as the next downside target & support at 111.60/40 this week. We are severely oversold short term so there is always the chance of a recovery today. Above 112.45 is more positive & targets yesterday's high at 112.80/90. We should struggle here & a high for the day certainly possible. However if prices continue higher look for 113.30 & perhaps as far as strong resistance at 113.65/75 for a selling opportunity.

Below yesterday's low of 111.85 targets good support at 111.60/40. A good chance of a low for the day. However if prices continue lower look for an excellent buying opportunity at 110.90/80.

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