We have been watching Brent Crude Oil for a while now as we expected a deeper retracement to form. We managed to catch a great trade near the highs after the change in 4hr trend.
Technically the market continues to produce lower lows and lower highs and is currently consolidating after bouncing from the minor support at $75.00.
Now we are starting to see the market form a descending triangle pattern which typically breaks to the downside, combining this with minor structure resistance and 61.8 Fibonacci retracement, this could
be a great area to look for the short trade into the key support. We will be looking for the break out of the supporting trendline before looking for the short trade.
Technically the market continues to produce lower lows and lower highs and is currently consolidating after bouncing from the minor support at $75.00.
Now we are starting to see the market form a descending triangle pattern which typically breaks to the downside, combining this with minor structure resistance and 61.8 Fibonacci retracement, this could
be a great area to look for the short trade into the key support. We will be looking for the break out of the supporting trendline before looking for the short trade.