Brent Crude at a very crucial juncture. If crossed the monthly trend line by end of September 2021 decisively, the next bull run will start with a target to the previous high. It will face resistance at blue zone crossing which will be unstoppable. But this will be the last bull run of Crude. It will crash down to an all-time low and by (or before) 2030.
It is...
While everything was going well, the two pilots did not agree on the flight path. One pilot was adamant to go north (Saudis) but another one (Russia) wanted to go south. While they were arguing, a global terrorist organization Covid-19 drowned the plane in Sea. Both the pilots survived but still adamant about their decisions.
Brent crude oil fell below support of 70.31 (Physiological level 70 also) and also upper line of Ichimoku cloud. Fall also accelerated on high volumes. Next support is around 64. In absence of any positive news, may touch lower side of channel.
On weekly basis, brent oil is near ichimoku cloud and also TL support. On daily basis it is below Ichimoku cloud. If support of 70 is broken, it may fall down to 63-64 area which is next TL support and Fib 61.8 support. Overall oil will remain bearish unless some positive news comes out.
