Brent oil – Weekly 50-MA is bottoming out
Brent’s bearish break below the rising trend line as seen on the weekly chart and a bearish follow through this week suggests bears remain in control and prices could test August low of $41.54.
However, caution is advised as the weekly 50-MA is bottoming out, hence buying interest could be seen anywhere below the weekly 50-MA level of $43.69.
However, caution is advised as the weekly 50-MA is bottoming out, hence buying interest could be seen anywhere below the weekly 50-MA level of $43.69.
