Analyst thoughts: Brent Medium-Term
VIEW RETAINED FOR A BULLISH PRICE ACTION TO $99 AND $105.50
The long-held view of a W,X,Y upside to R2 and R3 is materialising.
The recent break of the previous top at S0 has further confirmed the upside.
The detailed illustration is self-explanatory and has a generalised outlook.
Overbought and diverging RSI conditions (Z) could result in interim downside off R1 towards S1*.
The highlighted view remains valid as long as the commodity remains above S1*
Target and re-assessment levels
View negated S1*
Primary trend A bull trend to R2/R3
Prevailing trend Downside off R1 to S0 and S1*
Technical rating Medium to high