Brent looking weak, but might have a bumpy road ahead

Brent looks like it might try to push lower, but it may be running into some heavy traffic first as we have some support levels just ahead. We are currently seeing the up trend line under pressure, and just below that we have the bottom of one and top of another sideways trend channel resistances as well as the Elliot wave's 38.2% retracement all dotted within the $105.00-$105.80 range.  A break and close below these levels would give the green light for the targets $102.00 and $99.80.





The indicators are confirming this downward move, with the Stochastics working quite well at the moment, due to Brent's rangebound nature at present.  A failure to do so, we would expect the Double Top to be retested again at $108.00-$108.50 levels.

For the longer term view picture there isn't too much more colour to add, we are in a very much midrange position, but on the positive side were getting the faster SMA crossing up which may lead to some support in prices.









Charts sourced from IG Index