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Booster Rocket Ignites in Crude Oil

Commodities / Crude Oil Feb 25, 2011 - 05:35 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleFollowing Brent Crude’s earlier break above the May-10 high we had been focusing on certain Fibo targets and more recently looking for signs of bull fatigue as these were approached. But bulls have got a second wind, calling for higher projections/targets now.


The Commodity Specialist view

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.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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