Brent Crude – Have We Broken Through Support?

By Unknown

Selasa, 02 Agustus 2016

Brent Crude – Have We Broken Through Support?

Just as it seemed that we could see a correction in the Brent as he ran into the support around an area key it is? took another dip lower break the lower boundary of the support area and 0-day simple moving average in the process.

it is also broken below the descending channel, it had been trading in since early June, which is quite bearish in itself. Should we see a daily close below these levels, it could signal a much larger downward movement in the coming weeks

WTI / USD -. Crude Dips Dips Below $ 40 on Soft US manufacturing PMI

If this happens, the next significant support zone could come around $ 40.30 to 40.0. Below, around $ 40, is also the 50% retracement of the entire move lower this year at highs

However, given the importance of the movement below the current support area -. Assuming it ends - I would not be surprised if it only offered temporary support, with the level of major support after coming around 35.50 to $ 37.

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This is quite a wide range but a number of possible support levels at inside and me, it does not matter where in we see a rebound, so of course, we'll see. This has been repeatedly an area of ​​support and resistance and is now also the 61.8% retracement of the move above.

One thing that is interesting is that usually when we see major support or resistance levels are broken - and I consider this one - movement after can often be very important. Not only have we not seen, but on the 4 hour chart MACD and stochastic are showing signs of losing momentum. This makes me suspect at the time and may suggest that we see a false breakout. Trade between now and the end of the session if the things we hope to clear up some more.

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