March Brent Crude held on just above 112.28/15 support and then pushed through 112.90/113.29, nicely hitting our next target of 113.58/63 and in fact topped out almost exactly here at 113.65.
Support today is at 112.65/35 and may hold the downside but if we see prices dip below 112.05 this could signal further losses towards excellent support at 111.55. Exit all shorts here and we try longs with a stop below 111.25.
Resistance remains at 113.58/65 but a break higher in this steady bull run then targets 114.31/50 to fill a small gap from Octo- ber. Above 114.72 we could then push on towards 115.91/116.02.