Brent Crude Oil heading to 119-120 USD

Commerzbank commoditiesICE Brent Crude Oil – Daily Chart

Market is heading to the 119.17/120.56 zone.

  • Last week Brent crude Oil exploded higher and looks to be on course for the 119.17 February high. This together with the 120.56, the 26th April high and the 2008-2013 resistance line should act as a solid upside barrier.
  • Currently there is little technically to suggest that the market will maintain a break above here. HOWEVER recent moves do look directional and above 120.56 would introduce scope to the 128.40 2012 high. This in turn guards the 147.50 2008 high.
  • Current dips lower are indicated to hold the 112.50/111.00 zone (the 38.2 and 50% retracements of the recent leg higher) and these together with the 108.47 short term uptrend maintain the immediate bid tone.

ICE Brent Crude Oil Daily Continuation Chart

ICE Brent Crude Oil, Commerzbank technical research

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