The price of Brent Crude Oil has fallen and tested the previous support level (Blue Line) outlined in the previous newsletter. Currently, we could see a potential swing back upwards. If the price breaks the support level, we could see a fall in price. However, I see the former as the more likely scenario, as the 0.5 Fibonacci level (Green Line) is also below the trendline - providing further support.
This support is further backed by the Stochastic RSI and MACD indicator coming to show potential buy signals.
To see why I chose these support and Resistance Levels see my linked idea below.