The COVID 19 pandemic that is kneeling the world caused a major drop in oil prices in some cases even reaching levels never seen before. At today's date oil is still in oversupply suggesting a further drop to the downside.
But... there is a but, from Our technical prospective Brent Crude has reached it's level of extension and is ready for a retracement. In Our view the price from current levels is aiming a first level of resistance around the 40$ level. Let's watch how price action will evolve in the coming days looking for a perfect set up ;)
But... there is a but, from Our technical prospective Brent Crude has reached it's level of extension and is ready for a retracement. In Our view the price from current levels is aiming a first level of resistance around the 40$ level. Let's watch how price action will evolve in the coming days looking for a perfect set up ;)