Brent Crude Oil Technical Analysis 2016, 24.07 - 31.07: daily bearish breakdown with 43.30 key support

Brent Crude Oil Technical Analysis 2016, 24.07 - 31.07: daily bearish breakdown with 43.30 key support

25 July 2016, 18:19
Sergey Golubev
4
170

Daily price broke Ichimoku cloud together with 'reversal' Senkou Span line to below for the bearish reversal. The price is testing 45.15 support level on open daily bar for the bearish breakdown to be continuing with 55-day low at 43.30 level as a nearest daily bearish target to re-enter. 

If D1 price breaks 43.30 support level on close bar so the bearish trend will be continuing up to bottom to be formed.
If D1 price breaks 48.19 resistance level on close bar from below to above so the reversal of the price movement to the primary bullish market condition will be started.
If D1 price breaks 51.21 resistance level on close bar from below to above so the price will be reversed to the primary bullish market condition with 52.82 nearest bullish target.
If not so the price will be on ranging bearish within the levels.

  • Recommendation for long: watch close D1 price to break 51.21 for possible buy trade
  • Recommendation to go short: watch D1 price to break 43.30 support level for possible sell trade
  • Trading Summary: bearish
Resistance
Support
48.1945.15
51.21
43.30

SUMMARY : bearish breakdown

TREND : bearish


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