Predictive Analysis: Neutral-to-Bearish | #Brent #UKOil #Oil

FX:UKOIL   CFDs on Crude Oil (Brent)
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Predictive Analysis / Forecast | #Brent #UKOil #Oil


From a predictive analysis standpoint, this Brent chart remains at a NEUTRAL stance with a bearish leaning. An early bearish 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 trendline 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 bearish 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
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