-
Brent Crude – Are We Due a Correction?
Last week, I wrote a piece when Brent crude was testing the July lows and threatening to break below the 89-day simple moving average (Brent Crude – Key Support Coming Under Pressure). Since then the level has broken and we now find ourselves trading around that next major support level. How Brent behaves here could offer strong insight into how oil is going to play out in the coming weeks, as a break below the 200 and 240-SMAs and a major prior level of support and resistance would be a very bearish move. This could trigger another significant move to the downside. Given that we’re now on our sixth consecutive ... (full story)