Brent Crude: Hitting 6-Month Trend Line Resistance
Jason Sen | Feb 19, 2014 02:55AM ET
Brent Crude beat Wednesday's high at 109.50 and rocketed a lot further than expected to reach 110.70. We are just hitting 6 month trend line resistance at 110.80/90 so this is our main obstacle and being overbought we should struggle here this week. However a break higher would target 111.35/45.
Immediate support is 110.05/00 but below here look for 109.60/50 which could hold the downside. If however we continue lower a low for the day looks likely in the 108.90/80 area.
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