Brent Crude: Support 104.4 – 107.05 – 108.5
Pivot 111.2 Resistance 112.6 – 115.3 – 116.8
Brent Crude: Looking at the chart Brent Crude is trading ion consolidation move where the trend is side way to down side, where it’s forming Lower Top and Lower Bottom in long term chart looking from March 2011 onwards. Recently it has just tested the higher resistance level of 114$ and is reverting from 113.83$ which is the falling trend line and is also trading below 100 DMA of 110.3$ indicating short term top is place and is expected to test the lower support of 99$ and further on lower side trend line can be tested at 95$ in near to medium term. Till the time its holding 114$ on closing basis we maintain bearish view on Brent Crude where lower target can be expected. On the way down side it’s expected to take some minor support of 107 – 103 where as below 99 to 95 will be the support range where some buying may emerge. Stochastic which are trading in overbought zone has given negative intersection and is trading below 80% zone will bring it to lower level with fall in price what we are expecting it to test the level of 99 in near term.
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