Brent oil – Cypher formation and head and shoulder formation
Support - $49.89, $49.00, $48.60
Resistance - $50.27, $50.48, $50.83
Cypher pattern on Brent daily chart can be viewed here - Brent oil - Cypher pattern with Leg D in progress
Resistance - $50.27, $50.48, $50.83
Cypher pattern on Brent daily chart can be viewed here - Brent oil - Cypher pattern with Leg D in progress
- Hourly chart also shows head and shoulder formation is under progress with neckline support at $48.60.
- Brent’s break below daily low of $49.89 followed by a violation at $49.53 would strengthen the case for possible.
drop to neckline support at $48.60 and also add credence to Cypher pattern.
- Bearish invalidation is seen only in case of a day end closing above $50.83.
