Brent Crude Oil above major support, watch for a break!
Brent crude oil is starting to show bearish signs and a potential reversal. Our major support remains at 68.60 (Fibonacci retracement, horizontal overlap support) and a break of this would trigger a bearish move down to support at 65.98 (Fibonacci retracement, horizontal pullback support). We can see that price has made a recent bearish exit of an intermediate ascending support-turned-resistance line triggering a potential reversal.
Stochastic (34,5,3) is seeing a pullback to 54% intermediate resistance where we expect a further drop from.
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Stochastic (34,5,3) is seeing a pullback to 54% intermediate resistance where we expect a further drop from.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results