Daily Forecast - 04 March 2014
Brent Crude April contract
Brent Crude shot higher to 112.39 & held support at 110.60/55 on the pullback. Use 110.80/70 as support today & although the outlook remains positive, longs need stops below 110.40. A break lower should then target a buying opportunity at 109.80/70, with stops below 109.40.
Above 111.45 is more positive & meets resistance at 111.85/90. We should struggle here but if we continue higher look for a retest of yesterday's high at 112.39. There is a good chance of a high for the day here again today but be aware a break higher should then target December highs at 112.80/113.00.
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