Brent oil – Bearish symmetrical triangle breakout

Brent’s retreat from today’s high of $46.64 following a bearish break from symmetrical triangle pattern yesterday suggests bears remain in control and the selling could gather pace once the support at $45.35 (Sep 1 low) is breached.

The daily MACD and RSI remain in favor of a bearish move.

In such a case, prices could drift lower to $43.35 (May 10 low).