Brent edges higher and is trading much above the 50% retracement level, a retest of this level will give us a very good buying opportunity, the next upside target will be at the sliding line (SL). A larger rebound will be confirmed after a valid breakout from the descending channel’s body.
Is on a declining path as long as is trading within the descending channel’s body, technically was expected to drop further after the failure to stay above the ML and above the 61.8% retracement level. The current bounce back is natural as the rate failed to reach the downside targets from the 38.2% retracement level and the 50% Fibonacci line.
