Daily Forecast - 31 January 2014
Brent Crude March contract
Brent Crude tried a break above 108.33 but halted at 108.40. We are now testing immediate support at 107.70 but below here meet good support at 107.25/20. This could hold the downside but a break below 106.90 keeps the market under pressure for 106.55/45.
Immediate resistance at 108.30/40 should hold a move higher with the outlook starting to turn negative. Go with a break higher however, to target the 100 day moving average & Fibonacci resistance at 108.90/10.
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