Technicals - Oil price technical sell signal generated
The Brent price originally generated a technical buy signal at US$34.68 on 22/2/16. The decline overnight has resulted in Brent completing a technical top formation / closing below key support thereby generating a technical sell signal. The technical outlook has turned negative (which is the first trend change in the oil price since February). The minimum downside technical target is located at US$43.50 - the minimum expectation for a pullback. The WTI oil price has similarly generated a technical sell signal last night.
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.