The Commodity Specialist view – Following 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.
- 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.
[For the complete and illustrated version of this and future Updates be sure to sign up at www.sevendaysahead.com]
