Brent Crude Negative Outlook, Immediate Resistance At 8455/60
CommodityOnline | Nov 05, 2014 02:13AM ET
Brent Crude outlook is more negative with the breakout & below 8400 adds pressure to target 8775/70 then October lows at 8300/8295 for the December contract. Obviously this is important & a good chance this will hold the downside today at least. However a break lower eventually is not out of the question perhaps later in the week. We should then target the 2010 low for the December contract at 8278 & the October low for the continuation chart at 8270/60. A break below this 8300/8260 band then sends prices tumbling towards 8232. Eventually we could reach 8095/90.
Immediate resistance at 8455/60 but shorts need stops above 8500. Be ready to go with a break higher to target 8600/10 for a selling opportunity with stops above 8640.
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