Analyst thoughts: Brent oil $
VIEW RETAINED: MATURING BEAR PHASE
The illustrated view of a P*Q bottoming pattern, followed by an impulsive upside to at least R2, remains valid.
The recent test and reversal of P* has further confirmed the P*Q bottoming pattern.
The illustrated outlook of a final down leg E off P* to Q is retained, but there is a probability that the bottoming is complete. The recent breach of S0 could be an early signal.
A sharp break of P* will neutralise the interim downside potential and activate the 1,2,3,4,5 gains.
S2* is important for the bottoming stance.
Target and re-assessment levels
View negated: S2*
Primary trend: A bull trend to R2
Prevailing trend: Downside off P* to S1
Technical rating: Medium