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Brent Oil False Breakout?

MultiBank Exchange Group
By MultiBank Exchange Group

Price has plunged on Friday and has invalidated the breakout above the first warning line (wl1) of the major descending pitchfork. We’ll see what will happen because right now is retesting the 61.8% retracement level. I’ve said in the previous days that only a valid breakout above the warning line (wl1) will confirm a further increase towards the $57 per barrel.

MultiBank Exchange Group
MultiBank Exchange Grouphttp://www.mexgroup.com
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.

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