Technician

Brent Oil: Potential for a bounce, or...

FX:UKOIL   Crude Oil (Brent)
1765 2 25
Potential Scenarios for Brent Oil

Today was a minor hammer at the 50-days SMA and the rising trend line . We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.

So, one scenario is to speculate on the resumption of the bullish trend , where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00

Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..

Good luck
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Technician
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Hey, nice one :) if you're interested here are 2 possible scenarios, one longterm, and one for the next week :)

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SO what now? With OPEC in few days will cautious bulls bail out?
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