Is Brent Oil in a Bear Market? Not while its above $40.5

Brent Oil at trading level

Hold on to your hat! Oil may be ready to drop

Once again, we seem to be at a key level for Oil. Brent Oil is trading at $42 as we go into the Trade Inventories announcement today (2.30pm GMT). From a years high of $52.86, Brent has dropped over 20% and is now trading just below the 200 day price average (a key indicator used by traders to gauge the sentiment of a market).

If the $42 should break with selling, the next area of interest is $40.50 which is the half way back of this years bullish correction. Below this level, $37.30 may attract buyers with its previous demand and the 61.8 fibonacci nearby.

We are still trading at the $42 level though and with the 200 moving average nearby, the bulls may decide this is not a bad place to build a long position.

some trade levels on brent oil

Where might the buyers be?

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