#BRENT crude oil - technical picture deteriorating

As we all know, Brent crude has been one of the strongest commodities for quite some time given all the supply issues from Russia/Ukraine and under investment. Oil has lost some critical technical levels losing both its horizontal support, rising channel as well as 200 day moving average. The market can be telling us two things, potentially, (1) there is some sort of resolution to the Russia/Ukraine embargo, or (2) Economic growth slows down as we enter recession, with demand destruction starting to take place

Next target is likely $86 which was an important level of resistance in prior years - and likely to become support should we drop further.