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.
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...
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