Technicals - Oil price technical sell signal target reached, but no sign of a turnaround
Angela Mangan
QMG Pty Ltd
The Brent price originally generated a technical buy signal at US$34.68 on 22/2/16. A technical sell signal was subsequently generated at US$46.48 on 7/7/16 (VIEW LINK). The overnight decline resulted in the minimum downside technical target located at US$43.50 being reached. It is an identical situation on the WTI oil price. It generated a technical sell signal at US$45.18 on 7/7/16. The overnight decline resulted in the minimum downside technical target located at US$41.70 being reached. The nominated downside targets were the minimum expectation for a pullback. The oil price technicals remain negative given there is no sign of base forming emerging.
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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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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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