Daily Forecast - 06 March 2015
Brent Crude April contract
Brent Crude April must hold above 6070 to target first resistance at 6110/15 then 6150/55. We could try shorts with stops above 6180. A break higher however sees 6150 act as support to target 6220/6230 then the high of the range at 6280/6300 for a selling opportunity with stops above 6330.
Below 6060 is more negative & risks 6015/10. If this does not hold the downside longs need stops below 5980 for a retest of this week's low at 5934. Just below meets good support at 5880/5870. This is the best chance of a bounce today and should be worth trying longs with a stop below 5840. A break lower however targets 5810 then 5780. Below here we have a gap to fill at 5750. This could hold the downside but longs need stops below 5725.
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