Technicals - oil price - further downside potential

Angela Mangan

The Brent price originally generated a technical sell signal at US$53.06 on 8/3/17. This was identified as the (negative) technical turning point. The decline last night has resulted in further major support being broken which has generated a new technical sell signal. The downside technical price target is located at US$42.25.

An identical situation has occurred on the WTI price which originally generated a technical sell signal at US$50.24 on 8/3/17. The price decline overnight has resulted in further major support being broken, thereby generating a new technical sell signal. The downside target is located at US$39.25.


Comments

Please sign in to comment on this wire.