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Brent Crude In Dominant Bear Trend

Published 09/03/2014, 05:35 AM
Updated 07/09/2023, 06:31 AM

Brent Crude Weekly Chart

Brent Crude in a dominant bear trend and unable to beat 2 week highs and resistance at 103.30/40. However we unexpectedly crashed through all support and took out all of the past 2 weeks gains in a matter of hours. Oversold short term with a slightly positive 1 hour candle which may trigger a very small recovery this morning. Immediate resistance at 100.90/95 and we should struggle here but if we continue higher look for a selling opportunity at 101.20/30. An unexpected break higher however targets our next selling opportunity at 101.65/75.

Yesterday's low is 100.17 but no point in fighting the strong 2 month bear trend so be ready for a break lower to target 9995/85 then good support at 9940/30. Watch for a low for the day here but longs need stops below 9890. Just be aware that that a break below 9870 then adds pressure and risks a slide to 2013 lows of 9675 this week.

Latest comments

Wrong.
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