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.


About this contributor

Angela Mangan

Angela Mangan

Technical Analyst, QMG Pty Ltd

Angela has 30 years experience in the technical analysis field. Angela joined QMG as a technical analyst in May 2014. Angela was the technical analyst at Bell Potter for 16 years, providing technical analysis coverage to the retail and wholesale...

Expertise

No areas of expertise

crude oil ASX:BHP ASX:ORG ASX:STO ASX:WPL brent oil

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