Brent Crude Oil above major support, watch for a break!

23 בינו׳ 2018

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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