Brent Crude – Key Support Coming Under Pressure

By Unknown

Sabtu, 10 September 2016

Brent Crude – Key Support Coming Under Pressure

Brent was be grinding lower since coming off its highs in early June, and recently found consolidate between the 55 and 89 day moving simple averages

in the last two days, there has again been some downward pressure on oil which now seems set to test the SMA support 89 days -. about $ 46 - which held at the first time of asking earlier this month.

Should we see a break of this level could trigger another move lower with the next key area to come around 42.20- $ 43.30, where the 0 and 240 day SMA crossed a front of support and resistance.

This coincides also with the support of the channel Brent seems to have been trading in the last seven weeks and therefore not yet indicate a more severe lower movement.

However, should we see a break below here, so the price is now trading below all these moving averages and potentially having broken below its established range would indicate that any bullish correction might take its course and we could be much weaker position.

As I am writing, Brent is testing its lows in July had broken down in the last hour or two, a break that could prompt a break of 89 days SMA mentioned above.

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