Analyst thoughts: Brent Medium-Term
VIEW RETAINED FOR A BULL PHASE TO 103.00 AFTER TESTING 78.85.
The illustrated view of a PQ bottoming pattern, followed by W,X,Y upside to R2 and R3, seems to be materialising. The recent break of P has further confirmed the bullish stance.
The expected interim downside off R1 to S0* is forming the X corrective wave and a R1/S0* consolidation.
This correction has addressed the overbought and diverging RSI conditions (Z).
Holding above the S0* pivotal level would result in phase Y upside to R2 and R3 over time
Target and Re-Assessment Levels:
View Negated: S0*
Primary Trend: A bull trend to R2/R3
Prevailing Trend: Downside off R1 to S0*
Technical Rating: Medium to High