Technicals - oil price - further downside potential

Angela Mangan

QMG Pty Ltd

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.


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Angela Mangan
Technical Analyst
QMG Pty Ltd

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.

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