Brent Crude: Unwinding Oversold Conditions
Jason Sen | Sep 02, 2014 07:51AM ET
Brent Crude trading sideways while we unwind the oversold conditions in the dominant bear trend and unable to beat 2 week highs and resistance at 103.30/40. 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 103.30/40 keeps the market in a range and below 103.00 adds pressure for 102.85/80 then 102.65/55. This could hold the downside today, but the outlook is turning more negative and if we continue lower look for 102.25 then 102.05/00. We then meet good support at 101.65 this week with a bounce from here expected.
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