Daily Forecast - 29 July 2014
Brent Crude September contract
Brent Crude direction-less & in a range for 9 days now, perfect day-trading conditions!! The 200 day moving average has provided the support at 106.85/75. Below 108.00/90 ensure prices stay in the range to test 107.60/50 then 107.10 before 200 day moving average support at 106.85/75. We should of course use this as a buying opportunity BUT a breakout should occur sooner rather than later & is more likely to be to the downside. Therefore our longs need stops below 106.40. Go with a break lower using 106.85/75 as strong resistance for a move towards trend line support at 106.25 then a retest of the July low at 105.60.
100 day moving average at 107.99 is immediate resistance but above here allows a retest of the 108.40/60 highs of the range. A break higher is significant of course & targets resistance at 109.20/25. If prices continue higher look for 109.85/90 & perhaps as far as resistance at 110.30/40 for an excellent selling opportunity.
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