Brent Crude Oil Daily
Oil has been on a wild ride the last few months. Oil fell from around $85 to $50 in about 2 months. Since then, it's formed a descending triangle. This is where things get interesting. The pair made an inside day bar before the Saudi oil attacks. Price broke up from the news but could not sustain it and immediately dropped. The inside day bar is the indication in the direction in which oil should move. It has since broken the neckline and currently retesting the neckline. We should see a a drop to new lows and retest the Dec 18' low of $50.
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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.