BrucePowersCMT
Short

Brent Crude support zones highlighted

FX:UKOIL   Crude Oil (Brent)
24 0 0
Brent crude may be about to drop through its current support zone that ends at $79.35, derived from multiple Fibonacci confluence . If that happens then a continuation of the decline to the next support zone , starting around 71.03, becomes likely. Alternatively, an intraday reversal above $79.35, could see a rally from the current support zone . Note that the measuring objective for the symmetrical triangle has already been exceeded to the downside. In addition to Fibonacci confluence , the potential of the lower support zone is supported by previous price structure.
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