I’ve been keeping half an eye on Brent over the last couple of weeks and taken some pips from a couple of strong tech levels.
From the beginning of the year oil has been a one way street up. From the highs at 118.20/30 it’s been a one way street down. It’s still looking quite weak but so far we’ve managed three bounces from the trendline up from Oct 2012, the 200 dma and decent support in the 108.40/50 area.
As we know with oil it rides like a bucking bronco and you can go from a 200 tick profit to a 200 tick loss in the blink of an eye. The levels are still in play but the lack of decent bounces and the series of lower lows should be a concern that it’s close to breaking down.