Lower Targets Open For Brent Crude

An earlier fall in Brent Crude Prices in May found initial support from a 38.2% level. This has now come under pressure again, inviting calculation of lower targets.

• WEEKLY CHART -CONTINUATION The first 38.2% support has come under pressure once more, and a breach would herald a more prolonged pullback phase. Note the longer term 38.2% retracement, of the whole 2009/2011 upmove, at 92.32 which offers the next downside target. This lies close to a 61.8% level and the May-10 high.
• DAILY CHART –Aug-11: A second bear leg got underway after resistance from the 120.00 area. Downside focus is now on an equality target at 98.80 and lower channel base projection at 97.30. S/term support here would not surprise. On the support side the interest is as much in the longer term charts at present.

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