Brent Crude support zones highlighted

13 בנוב׳ 2014

Brent crude may be about to drop through its current support zone that ends at $79.35, derived from multiple Fibonacci confluence. If that happens then a continuation of the decline to the next support zone, starting around 71.03, becomes likely. Alternatively, an intraday reversal above $79.35, could see a rally from the current support zone. Note that the measuring objective for the symmetrical triangle has already been exceeded to the downside. In addition to Fibonacci confluence, the potential of the lower support zone is supported by previous price structure.