Analyst thoughts: Brent Medium-Term
MAINTAINING THE VIEW FOR CONSOLIDATION IN PRICE ACTION, ANTICIPATING POTENTIAL RALLIES AND CORRECTIONS.
The medium-term outlook of W,X,Y gains to T1, followed by A,B,C downside to S2 has materialised.
The corrective structure of both the W,X,Y and A,B,C formations point to further medium-term consolidation within the R2*/S2* parameters.
Current a,b,c defined gains should target R0 and towards R1*, followed by a sideways bias.
The a,b,c,d,e scenario is a generalised illustration and not intended to be an exact forecast. Many alternatives can still develop within the indicated range.
Target and re-assessment levels
View negated: R1*/S2*
Primary trend: R1*/S2* consolidation
Prevailing trend: Gains to R0*
Technical rating: Medium