Critical moment for Brent

FX:UKOIL   CFDs on Crude Oil (Brent)
1131 2 11
Brent prices recently retreated after testing a long-term bearish trend line (only visible on log chart). Technicals currently favor a bearish bias below $42, which is a previous support level . Renewed selling pressure towards the quarter's close would expose $38 and $36 as short-term targets. A break above $42 would suggest a change in market dynamics, which would likely provide for further support for currencies like the Canadian dollar             (see my related post below), Norwegian Krona, Russian ruble             , etc. A sharp decline in the US dollar             following next week's NFPs data would probably be needed to confirm a bullish dynamic for the start of the second quarter. Otherwise, it would be reasonable to maintain a bearish bias so long as price action below $42 supports that stance (absence of bullish candlestick reversal patterns).
Oil is going down, Thats for sure.
No moments! Go down to 36. Then go up to 40. And only here at 40 there will be the critical moment. The target date - 21.04.2016.
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