Technical Analysis

Brent Oil Losing Momentum

Typography

Brent Oil increased little today and tries to stay above the broken 250% Fibonacci line (descending dotted line). I’ve said in the previous reports that the price could come to retest the median line (ML) of the major ascending pitchfork before will drop again. We’ll see what will happen when will hit the ML and also the 57.72, a rejection will send the rate at least till the 61.85 retracement level and towards the 53.03 horizontal support.

Author: MultiBank Exchange Group Website: http://www.mexgroup.com
MultiBank Exchange Group
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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