Daily Forecast - 13 December 2013
Brent Crude January contract
Brent Crude unable to break above 109.95 & fell back to support at 108.55/45 which held the downside. 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.
Any strength meets resistance at 109.50/55 but above here a retest of 109.90/99 is likely. If we manage a break higher today look 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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