Brent oil remains neutral in a range of $84 to $85.59 per barrel, and an escape could suggest a direction.
A triangle is contracting to a point, which may become a bullish continuation pattern if oil breaks $85.59, or a top pattern if oil falls below $83.66.
A drop below the lower trendline support of $84 could be the very early sign of a top pattern.
The bias seems to be towards the downside, as the current consolidation seems to be of the same degree to the correction from the April 3 high of $86.44.
A break above $85.59, which looks unlikely, may lead to a gain into $86.32-$86.92 range.
On the daily chart, a projection analysis on the downtrend from $125.19 defines a neutral zone of $83.63-$86.54.
Brent oil neutral in $84-$85.59 range
The sideways move in the range may roughly mirror the consolidation in a zone of $80.72 to $86.54 between Feb. 6 and March 10. Chances are, oil may fill a common gap forming on April 3.
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