Brent Oil Daily Forecast Nov 07 2014

Brent
Brent

Outlook in Brent Oil has turned neutral with risk to the downside , resistance comes at the 84.41 levels , a failure to hold above the 84.41 levels on a daily closing basis could mean a return to the 81.59 levels , a cut will resume the bearish move towards the 79.87 levels , a halt is likely , but losing this level would open 77.70 next , further downside will aim the 75.30 levels.

On the upside , break of the 84.41 levels on a daily closing basis , will put the pair in recovery mode , but recovery above the 84.41 levels should be limited by the 86.04/87.90 levels .

In all , as long as resistance 84.41 holds on a daily closing basis ,outlook in Brent Oil remains on the downside towards the 81.59 levels ahead of the 79.87 levels, but ; It faces a recovery risk above the 84.41 levels towards theĀ 86.04/87.90 levels .

 

Brent Oil Daily Forecast Nov 07 2014

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