Brent Crude Holds Below Key Resistance Area For Now
08 December 2011
WEEKLY CHART - CONTINUATION
So far the 2011 correction has found support close to a 50% pullback level.
The relatively choppy price action since May keeps bears on a cautious footing.
DAILY CHART - Jan-12:
The recent pullback from the 115.00 resistance area (including channel top resistance) has kept bears in favour for the time being.
The higher 76.4% resistance near 117.00 also stays out of reach for now. However, a break through all this would change the technical picture and require bullish targets.
Note s/term support has come from the 105.00 area, and a drop through this would see bears start to breath easier. For the time being we must await a resolution of the technical picture.
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