Brent oil – Eyes 38.2% Fibo support

Brent’s three consecutive daily candle sticks with long shadows on the upper part when viewed in light of yesterday’s sharp drop to $43.81 suggests a short-term top could be in place around $45.80 and prices could be heading lower to $42.99 (38.2% of Feb low – June high).

Upticks towards lower end of the falling wedge seen at $44.42 could be met with fresh offers, while on the downside the breach of support at $42.99 could yield a re-test of $41.94 (200-DMA).