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.
(34,5,3) is seeing a pullback to 54% intermediate resistance where we expect a further drop from.
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