From a predictive analysis standpoint, this Brent chart remains at a NEUTRAL stance with a leaning. An early reversal signal is pending.
While outlook leans to the downside, we are identifying a potential cap at 111.01 (see chart). If this level cedes to a rally, it would open to two technically relevant levels: A triangle and a structure-high. Indeed, a major triangle remains at play for the pattern traders to heed, however, significant structural resistance exists at the 112.98 level.
Were 111.01 hold its ground of resistance, a breach of a lower from larger triangle would certainly alert the pattern traders of more softening of the floor ahead, Structurally, 103 offers a structural support. If broken through, consider 98.93 as a primary target from which further reversal confirmation would likely be generated out of out predictive analysis.
Neutral-to-bearish; Eyeing TG-1 = 98.93
David Alcindor | 4xQuad.com
Predictive Analysis & Forecasting