UKoil selling the bounces favoured
on a short term (4H) chart, the Brent is in a rising wedge which is a bearish pattern. The longer term trend is still downward and I see no reason for the path of least resistance to change.
Note
The daily pattern still looks very much correctiveNote
Finally here is the weekly view. Price could still retest the top of the daily wedge near 60 but any bounce remains a short opportunity to target a final lower low.
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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.