Brent Crude; Top end bearchannel
The market has changed it's tune short-term and broke the pattern of lower highs and lows. Still, the market sees itself testing the top end of a medium term bearchannel where a larger doji star implies difficulties in the stronger 79.50/80.50 resistance zone.
Previous resistance just below 76.00 (2nd red arrow) sees some support on dips, while the Bollinger Bands midpoint is also getting closing to this area (75.00 currently).
Best to see which area (75.50/75.00 or 79.50/80.50) gives way first; A good break above 79.50/80.50 implies a run toward 90.00 while a sub-75.00 break implies another drop to the low end of the bearchannel (70.00).
Previous resistance just below 76.00 (2nd red arrow) sees some support on dips, while the Bollinger Bands midpoint is also getting closing to this area (75.00 currently).
Best to see which area (75.50/75.00 or 79.50/80.50) gives way first; A good break above 79.50/80.50 implies a run toward 90.00 while a sub-75.00 break implies another drop to the low end of the bearchannel (70.00).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.