Brent Crude: Oversold Conditions
Jason Sen | Sep 01, 2014 06:40AM ET
Brent Crude retested Thursday's high of 103.20 but unable to beat resistance at 103.40/60. We have been trading sideways while we unwind the oversold conditions in the dominant bear trend and it's only a breakout above here this week that is positive and targets strong resistance at 104.00/20. This could mark the high for this bounce. Try shorts with stops above 104.40.
Failure to beat 103.40/60 keeps the market in a range and targets 103.00 then 102.85/80. If we continue lower look for 102.65/55 and a buying opportunity with stops below 102.25.
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