Technicals - Brent crude - new technical buy signal generated
QMG Pty Ltd
Brent crude originally generated a technical buy signal at US$34.68 on 22/2/16 (at that point the technicals turned positive). This was followed by a secondary technical buy signal generated at US$42.78 on 11/4/16. The rally last night has resulted in Brent completing a further upward reversal / closing above resistance, which has generated a third technical buy signal. The expectation is for a further rally to occur from current levels. The upside technical target / major resistance is located at US$54.
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.