Daily Forecast - 08 August 2014
Brent Crude September contract
Brent Crude held just above this week's low & support at 104.07/97 then beat immediate resistance at 105.10 to reach 105.55/75. As stated yesterday our shorts need stops above 106.00. A break higher however indicates we have made a bottom at this stage & should see a recovery in to next week. We should target 106.25/30 & perhaps as far as 106.70/80 today. Expect a high for the day here. Exit longs & try shorts with stops above 107.10.
Immediate support is 105.10/00 & could hold the downside. However below keeps the market under pressure for 104.50/40. If we continue lower watch this week's low & support at 104.07/97 carefully. A break lower today risks a slide to excellent support at 103.60/55. Exit shorts & try longs with stops below April lows at 103.20/00.
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