• April-June period prices were contained inside an ascending channel
• After peaking in June, prices broke the channel support and started trading inside a bearish descending trend line
• Long term support trend line holding since Dec 2021 still intact
• As the worldwide economic picture is worsening, outlook is slowly turning negative for the oil's demand
• Bears are targeting trend line support, today at 104
• Below 104, next target is 100 psychological figure
• After peaking in June, prices broke the channel support and started trading inside a bearish descending trend line
• Long term support trend line holding since Dec 2021 still intact
• As the worldwide economic picture is worsening, outlook is slowly turning negative for the oil's demand
• Bears are targeting trend line support, today at 104
• Below 104, next target is 100 psychological figure
Comment:
100 mark level breached, second target at 92.60 also reached and acted as a support again
Ramzi Abou Abdallah, CFTe, CMT
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