VineetYadav

MONTHLY VIEW ON BRENT CRUDE

FX:UKOIL   Crude Oil (Brent)
28 4 0
Monthly chart shows that Brent Crude has tested the monthly chart trend line in year 1999 , 2002 & 2009 and has taken support on this line ( white line ) . As it has breached $68 level it can test this monthly trend line again which currently stands at $53 - $54 mark . As of now the trend is bearish and will continue till it breaches the upper resistance line on monthly chart . Its also forming a kind of symmetrical triangle on monthly chart and its bottom line is also at the $53 mark .
Perfect bounce from the trend line which has made it even better .
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As the monthly trend line has been breached the lower levels of $40 are now open . One can expect a little bounce back but overall view will still be bearish unless and until it breaches upper trend line on monthly chart.
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UKOIL has already touched $57 mark from $68 mark which is $11 down . Still it has its doors opened for $53 mark which is merely $3 from here .
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Crude has already reached $61 mark as expected . Now it confirms on monthly basis that that $55 mark is still in line with the trend .
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