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Short

Brent Crude might have a top in place at $44.00

TVC:UKOIL   CFDs on Brent Crude Oil
Brent Crude is looking to drop further towards $33.50 and $26.00 as the commodity carves a meaningful top around $44.00 handle. The earlier rally from $15.75 through $44.00 seems to have completed 3 waves at least. We can expect a minimum drop towards $33.50, which is fibonacci 0.382 retracement of the entire rally. Having said that, please do note that Brent Crude has got enough room to correct lower towards $26.00 (fibonacci 0.618 retracement ) as well. Possibilities remain for a sideways consolidation before the next major move. Overall, Brent remains bearish below $44.00.

Strategy:

Short against 44.00, targeting 33.50 and 26.00

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