🔸Today let's review the 1 hour chart for brent oil . Previously strong downtrend in progress entire 2023 so outlook remains bearish until we can daily close above 80 usd.
🔸OPEC production cuts have low impact on prices recently due to lower global demand. Technically, we are in a distribution pattern setup since May 2023 and expecting breakdown and new/fresh lows soon for Brent.
🔸Recommended strategy for crude oil traders: short-sell near market / short-sell rips and rallies, limited upside and final TP bears is 65 USD. once we get a valid breakdown of the structure expecting losses to accelerate in this market.
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