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Brent oil – bearish break from falling wedge

FX:UKOIL   Crude Oil (Brent)
Brent’s bearish break from falling wedge pattern seen in the daily chart confirms a trend reversal and opens doors for a test of 200-DMA of $42.233 levels.

However, a major breakout is usually followed by exhaustion and a re-test of selling interest around the breakout level.

Hence, we may see Brent peep above the breakout level of $45.08. A failure to take out to do so/take out $45.08 followed by a drop below Asian session low of $44.67 could yield a move to $42.33 (200-DMA).

Bearish invalidation is seen only if prices move back inside falling wedge on daily closing basis.
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