After satisfy a bullish wave reach 52.83 high, Brent crude oil price drop rapidly for 6 days testing 50 days moving average support area. It is still in the correction stage. The correction target look like target at
Target 1: 0.236 ==> which price at 46. 75 has almost reached.
Target 2: 0.382 ==> which price at 43 to 44.
Bearish side are:
1. uncertainty of UK vote for exit EU
2. price is still under 10 days , 20 day and 365 days MA for 4 days.
3. Price dark for 6 days which mean price will go down to test low again.
4. Weekly chart showing a hanging man.
5. Transaction volume still weak.
Bullish side are:
1. Price claiming up to above 5 days average. (Weekend), price up but transaction volume decrease.
2. 200 MA and 365 MA going up.
3. Inventory decrease.
4. Physical demand strong.
Overall: still in a correction stage, price maybe will go to test low again.
Target 1: 0.236 ==> which price at 46. 75 has almost reached.
Target 2: 0.382 ==> which price at 43 to 44.
Bearish side are:
1. uncertainty of UK vote for exit EU
2. price is still under 10 days , 20 day and 365 days MA for 4 days.
3. Price dark for 6 days which mean price will go down to test low again.
4. Weekly chart showing a hanging man.
5. Transaction volume still weak.
Bullish side are:
1. Price claiming up to above 5 days average. (Weekend), price up but transaction volume decrease.
2. 200 MA and 365 MA going up.
3. Inventory decrease.
4. Physical demand strong.
Overall: still in a correction stage, price maybe will go to test low again.