After the massive sell-off from 116$ t o 45$ Brent could recover at $72 to almost the 0.38 Fibo-Retracement. (Red 123er-counting) The recovery formed a short-medium term uptrend (green channel) (orange 123er counting) -At the Moment Brent is near the bottom of the mentioned upward channel and is retesting the former breakout level @ $ 64. This level should be supportive. -If the trend lower edge will be bought again the first technical shortterm target is the last high and the EMA 200 @ 70$. Should this resistance fall, it can be assumed that the price will move in the direction of the trends top edge @ 80$. (orange "2?") That level coincides with the Middle-Fibo target the entire downward movement. (50% correction) -Will Brent break through its support @ 61-64$ is attributed with a test of the recent lows around $ 52,5. - Will this Support also break, it needs to be reckoned with a test of the lows at 45$ -Under $ 45 is likely to win the downward movement momentum and lead to massive and rapid course fees. The red count would then be applied again. In the long-term picture, the recovery appears to be a kind of downward flag, which is triggered by falling below the $ 45 mark 52 respectively.
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