Crude Oil Upmove Reaches Resistance Territory
07 April 2011
The Commodity Specialist view -
|
BRENT CRUDE - WEEKLY CONTINUATION CHART: Potentially key resistance starts at the 121.25 76.4% recovery level, and also includes slightly higher 121.53 equality target ('36.20-89.58' upleg extended off 68.15 May-10 low).
This is now under test and we await reaction around here.
|
BRENT CRUDE - DAILY CHART MAY-11:
New recovery highs are being made and recently our focus in the Commodity Specialist Guide has been on the next Fibo projection - the 2.618 swing target (using the prior May-10 downmove) at 125.63.
This lies somewhat higher than 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 (not shown).
The chart structure remains very bullish for now, and s/term dips should keep above the 107.40 16-Mar low.
|
Philip Allwright
Mark Sturdy
Seven Days Ahead
|
|
Receive three Market Updates fully-illustrated with charts each week for one month FREE
Next story:
Gold looks to new highs 
Previous story:
Sterling Euro suggests further Sterling weakness
< Back to menu
