Daily Forecast - 06 January 2014
Brent Crude February contract
Brent Crude made it our target of 108.52 & topped almost exactly here at 108.64. We then broke 107.65/55 to hit the next target & support at 106.85/80. This has so far held the downside as predicted & in fact we have bottomed exactly here but longs today need stops below 106.45. A break lower then risks a slide to 105.50/40.
However we are oversold short term & 106.85/80 remains good support today so a bounce is certainly possible. This should target 107.70/80 which could hold a move higher but above here look for a selling opportunity at 108.20. Exit longs & try shorts with stops above 108.55.
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