Brent’s retreat from Friday’s high of $52.53 followed by a retreat to $51.80 amid bearish 5-DMA and 10-DMA crossover if followed by a break below $51.68 (23.6% of 45.12-53.71) would signal a top is in place at $53.71 and could yield a move lower to 38.2% Fibo level of $50.43.
Bears need to watch out for a rebound from $51.68 and a break above $51.99 as that would open doors for a revisit to $53.71.
Bears need to watch out for a rebound from $51.68 and a break above $51.99 as that would open doors for a revisit to $53.71.
