Brent crude had a dramatic 6% daily drop on Wednesday-
The break of a long term up-trendline is a likely precursor to more weakness.
Scenario A)
Price rebounds from 72.50 support back towards 76 resistance.
Bearish action resumes from 76 or price continues higher into range
Scenario B)
Price continues to fall below broken trend line with immediate break of 72.50
The break of a long term up-trendline is a likely precursor to more weakness.
Scenario A)
Price rebounds from 72.50 support back towards 76 resistance.
Bearish action resumes from 76 or price continues higher into range
Scenario B)
Price continues to fall below broken trend line with immediate break of 72.50
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