SINGAPORE: A bearish target at $99 per barrel remains intact for Brent oil, as pointed at by a big triangle.
It seems oil may have indeed started to form a triangle since Sept. 26, and the lower trendline of the pattern provides a support about $101.80 per barrel, which explains why the contract was slow to fall below this level during the prvious trading session.
This bearish pattern points to $96.05 over the next few trading sessions, but before oil speeds up its fall towards this level, it may pull back to $101.80.
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