zhipengcfel
Short

Brent oil udergoes trend transition term

ICEEUR:BRN1!   BRENT CRUDE OIL FUTURES
We are now in the trend transition term. The bull is still strong, but bear is growing. The MACD goes bearish cross but price is still above SMA (12). I am still waiting confirmation for going bearish .

Target 1: 63.8

If 63 breaks,
Target 2: 60.29

Comments

I am a fan of your charts - I would really like to see an updated CL chart from you, please. I believe we will see a trend reversal there as well.

Thanks!
+1 Reply
zhipengcfel smitheric1970
Thanks. I am glad that you like it. Oil is consolidation at the moment. It will become clear after the OPEC meeting. I will post the new chart next week.
+1 Reply
smitheric1970 zhipengcfel
I look forward to it! We are currently sitting firmly on the original 2014 upper resistance trend line. Unless OPEC throws a surprise I believe we will be finishing our bearish trend soon - new lows this year.
+1 Reply
The bearish trend starts!
+1 Reply
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