Brent oil - head and shoulder breakout on hourly chart
Pattern - Rising trend line breached, Head and Shoulder breakout
Brent's bearish break from rising trend line followed by a head and shoulder breakout ...and a failed attempt to rise above neckline today indicates prices could take out daily low of $43.30 and extend losses to $42.52 (Mar 18 high).
On the contrary, an hourly closing above neckline level of $44.13 could lead to sideways to positive action. On larger scheme of things, a day end closing above $45 is required to signal bearish invalidation.
Brent's bearish break from rising trend line followed by a head and shoulder breakout ...and a failed attempt to rise above neckline today indicates prices could take out daily low of $43.30 and extend losses to $42.52 (Mar 18 high).
On the contrary, an hourly closing above neckline level of $44.13 could lead to sideways to positive action. On larger scheme of things, a day end closing above $45 is required to signal bearish invalidation.
