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Brent oil – Weekly 50-MA is bottoming out

TVC:UKOIL   Brent Crude Oil
Brent’s bearish break below the rising trend line as seen on the weekly chart and a bearish follow through this week suggests bears remain in control and prices could test August low of $41.54.

However, caution is advised as the weekly 50-MA is bottoming out, hence buying interest could be seen anywhere below the weekly 50-MA level of $43.69.

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