Brent Crude Risk To 122
Steve Miley | Aug 28, 2013 03:31AM ET
- We had looked for further upside into month-end, but were surprised by the aggressive surge posted Tuesday and again this morning.
- We have stated through latter August that “the early Sept threat is to the 113.61 cycle high with risk to key 2011/12 secular peaks, 114.44/80”.
- The break above these secular highs with a bull gap this morning (115.05-114.40) needs to be sustained today to indicate this is not just a head fake.
- A sustained gap and close above 114.44/80 would then aim for longer term targets at 117.45, 122.00, 124.45 and maybe even 126.25.
- A gap close would ease bull threats. Below 110.80 would switch neutral.
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