Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Tuesday, February 7, 2012

Brent Crude Oil Technical Analysis 2012.02.07

The Brent Crude Oil is rising on almost all the time frames and, on the short term, the $113.15-$113.90 area is the first important support, given by previous highs.

The traders are probably the most influenced by the tensions in Iran and this is motivating to keep their long positions, even if the WTI benchmark is down sloping.

The main target on the long side is set by the $120.00 level and in case the price will correct towards the support, a new buy opportunity could appear.

The Greek debt plan talks are in focus for the next days and Brent is very probable to react to these kind of news.

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