Analyst thoughts: Brent Long-Term
VIEW RETAINED: EARLY STAGES OF A BREAK UP OUT OF THE WEDGE PATTERN
The general stance of a bull phase off Z and out of the PQ wedge corrective wedge pattern seems to be developing.
A similar breakout of the wedge pattern confirmed the recent breach of line P. This has activated the bullish outlook.
At this early stage, a medium-term WXY bull phase to R1 is possible on completion of the PQ wedge pattern. A sharp break of P is required to confirm the bull phase.
The long-term expectation is for continued wide-ranging price action within the T1/S1 parameters.
The critical negation level for the bullish potential can now be lifted to S0*. Breaking above R1* will further confirm the expected bull phase.
Medium conviction view applicable.