BRENT CRUDE - WEEKLY CONTINUATION CHART: We had recently been targeting the 61.8% recovery area around 105.00, looking for possible resistance

- but renewed strength now turns focus towards the higher 121.25 76.4% level.

BRENT CRUDE - DAILY CHART APR-11:

In the Commodity Specialist Guide we have, for some while, been keeping in mind the 1.618 swing target off prior May-10 drop, at 106.20 on the Apr-11 contract.

Now violated, the next two higher target/resistance levels became a traditional swing target at 113.60 (already breached intraday), and the 2.618 swing projection at 125.60. The latter lies somewhat higher that the 121.25 76.4% from the Weekly continuation chart, but quite close to the equivalent 2.618 swing level on that chart, at 124.25.

The chart structure remains very bullish at present.