Forecast for 20th February 2013 Brent Crude April contract Brent has failed to get back through 117.60/40 resistance as the outlook weakens. If we do push higher today look for 118.04/15. Very possible we fail here again today but on a break we have a gap to close & tough resistance at 118.42/51. If we manage to keep pushing higher we hit Feb highs at 119.12/17 which are expected to hold on a retest. The outlook remains weak so below 117.60/40 look for 117.05/116.95 with failure here
