Here is my technical view on Brent Crude Oil, the technicals are pointing downwards in my eyes.
Since the beginning of 2016 we've seen oil prices rise, squeezing short positions within this market. However I do still believe the commodity has lower prices to come. The pullback we have seen throughout this year topped out at a high value area for me; the resistance level at the price of 53 and the fibonacci retracement to 61.8 level. Price did in fact break and retest the weekly 50EMA but we never seen the momentum to the upside after the low test candle! This was a trap to bring more buyers into the market before driving prices lower. We see an ascending channel breakout recently and with price below the 46.50 level and daily 50 + 200EMA, take a look at this weekly chart!
It's real! It's real! It's real!
