Oil Technical Analysis: Rising wedge breakdown favors re-test of lows seen yesterday
|- The 15-minute chart of brent oil shows a rising wedge breakdown, which indicates the corrective rally from the six-week lows hit yesterday has ended and prices could revisit $71.71 (previous day's low) today.
- The path of least resistance is to the downside, indicates the trendline sloping downwards from the July 10 high and July 31 high. Only a daily close above the trendline resistance would put the bulls back into the driver's seat.
15-minute chart
Current Price: $72.46
Daily High: $72.57
Daily Low: $72.19
Trend: Bearish
R1: $72.49 (June 18 low)
R2: $73.20 (5-day moving average)
R3: $73.57 (10-day moving average)
Support
S1: $72.19 (session low)
S2: $71.71 (previous day's low)
S3: $71.26 (July 18 low)
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