Brent Crude Oil heading to 119-120 USD



ICE 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

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