We may have an intermediate high in on Brent Oil with an ABCD pattern completing around $69.50. It looks like the bears may have the ball for now. We can see a small channel forming and three lower highs as the bulls failed to take the highs.
That being said, there are a couple of interesting demand levels emerging which may attract some buying.
- There is the 100% extension completing into previous highs from mid February at $63. Nearby, the price action indicate that we have had demand at this level. This price will likely provide some support and buying interest
- The 161% extension completes at $59.50. The equidistant swing matching the move from the highs of mid February to the lows at the mid of March also complete at this point.
In SparkProfit, the sentiment as measured by the consensus of the crowd, is bullish on Oil presently.
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