Brent Crude Beat Strong Resistance At 5870/80
Jason Sen | Apr 08, 2015 01:40AM ET
Brent Crude must beat one month trendline resistance at 5850 to maintain this short-term positive momentum. First target is 5880 then yesterday's high at 5927, which today coincides with the 100 day moving average resistance at 5925/30. We should struggle here and a high for the day not out of the question but be ready to go with a break higher to target 5980 then 6000/10 and 6050/55. Any further gains could reach 6095/6100.
First resistance at 5850 and failure to beat this level targets first support at 5805/5800. This could hold the downside but longs need a stop below 5760. Being overbought in the short-term, a break lower is likely to then see 5800 act as resistance for a test of the next support at 5725/5720. A bounce from here is expected but longs need a stop below 5700 to target 5665.
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