Brent crude charts a lower trough

Russell Shor, CFTe, MFTA FXCM

Above is the weekly chart of UKOil. It has fallen markedly since its peak at the end of September. However, this week is also significant in terms of peak and trough analysis. Price has charted a lower trough (LT) after a lower peak (LP) had formed. This meets the definition of a downtrend as per peak and trough analysis and meaningfully on a longer-term weekly chart. We do note that the RSI(9) is below 50 and is indicative of the underlying bearishness. Please note that the oscillator is tending towards oversold (although it is not oversold yet).

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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