Brent Oil wiped out all recent gains and find itself at dangerous technical levels. With it dropping another 3% today, Brent finds itself at the bottom of a bullish trend line, which started in the beginning of 2016. A break and close below $57 would definitely have me re-evaluate any long positions, if I was a short-term trader. My first target would them be $55, with December last year's (2018) $50 levels then coming into play. I would also caution any oil producers currently.
Should we see a bounce from current levels, could see the price find resistance at the 50-day moving average $60.68, with 200-day moving average ($64.84) being next resistance level.
Should we see a bounce from current levels, could see the price find resistance at the 50-day moving average $60.68, with 200-day moving average ($64.84) being next resistance level.