Analyst thoughts: Brent Medium-Term
VIEW RETAINED FOR A BULLISH PRICE ACTION TO $99.40/$105.50
The long-held view of a W, X, Y upside to R2 and R3 is materialising. The detailed illustration is self-explanatory and has a generalized outlook.
R3 would be an essential target where the PQ wedge has been retracted.
Overbought RSI conditions (Z) could result in interim downside off R1 towards S0*.
The highlighted view remains valid as long as the market remains above S0*
Target and re-assessment levels
View negated: S0*
Primary trend: A bull trend to R2/R3
Prevailing trend: R1/S0* consolidation
Technical rating Medium to high