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  • Writer's picturePeet Serfontein

Analyst Thoughts: Brent Medium-Term

VIEW RETAINED FOR THE COMPLETION OF A ZIG-ZAG PRICE PATTERN, INDICATING AN UPCOMING UPSIDE MOVEMENT.


  • The medium-term view of an A,B,C bear phase from R2 to T1 has materialised and the market is consolidating around this pivot level.

  • It seems like an interim PQ triangle pattern is developing. It is normally a trend continuation pattern, but this seems a less common structure where PQ can become a reversal pattern with gain potential towards R0 and R1*   

  • The medium-term view remains for an R1*/S1* consolidation with little trending possibilities outside these levels.

  • Interim d and e phases will strengthen the triangle view, but a sharp break of P is required to confirm the illustrated outlook. 

  • A break below S1* will neutralise the stance with a downside to S2. It is highly unlikely that the market will trade below the previous bottoms at S3 if it breaks lower.

  • Conviction: Shorter-term moves are notoriously difficult to pinpoint within a complex consolidation, making the view of medium/low conviction.





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