Brent Crude Volatile But Without Clear Trend
Jason Sen | Dec 19, 2013 05:14AM ET
Brent Crude volatile but in effect we have gone nowhere in 7 sessions so there is no clear trend. 107.70/60 held the downside as predicted as we bottomed at 107.80. We then shot higher as far as 109.40/50 for another selling opportunity with stops above 109.80. This trade worked perfectly as we topped at 109.73. A drift lower to 108.90 is possible today but below 108.70 keeps the market under pressure for 108.25/20. If we continue lower look for support and a buying opportunity again at 107.80/60.
Resistance at 109.40/50 for another selling opportunity with stops above 109.80. Go with a break higher for a target of 110.30/40. A high for the day likely here.
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