View: Sell the corrective Brent rally, leaning on key $105.90/106.00 resistance level
Economic risks and a paring back of expectations for conflict over the Iranian nuclear issue have combined to pull oil prices lower in recent weeks, the sell-off in Brent extending right back to the $88.49 level before basing in late June. Over the past week we’ve seen quite a sharp counter-trend bounce develop, the triggers being a surprisingly constructive Eurozone summit and the kicking in of that long planned European Iranian oil embargo. The market has been oversold for some time so this move, despite its ferocity, remains a counter-trend bounce with room to extend towards $102.37/46 and perhaps even $105.90/106.00 where trend line resistance, the 100wk MA and the 38.2% Fibonacci retracement of the Aug ‘10/Apr ’11 rally combine.
Full report below…
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