Brent Oil Continues Lower – Shorts Beware $63 Level Though

Brent oil futures are approaching $63 and if this level fails, the next significant demand level is at $59.50

Oil dropping.. for now

Oil dropping.. for now

  • Brent has been making a series of lower lows and lower highs and forming a bearish sentiment channel
  • Two ABCD patters complete into $63 – the larger of the ABCD patterns match previous swings in this market.
  • The larger of the abcd pattern has its 127 extension completing at $63
  • The 161 ABCD pattern completes at $59.50 into previous support and demand candles
  • The same 161 ABCD completes into the same area as the equidistant swing matching the move from mid February to mid March on the chart above

The SparkProfit sentiment indicator which reflects the opinion of the crowd is demonstrating an increasing bullish sentement amounst our players.

Bullish consensus is growing

Bullish consensus is growing

No Risk With SparkProfit

Which ever way you think Oil is going to go, you can play it risk free with SparkProfit.

Please note our disclaimer on all of this.

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