Brent Crude Oil: Lower By 17% - Friday, 06 September 2024

[U.S Trading Session]

19h03 (South African Time)

Update:

• At $85, clients were alerted with a note to reduce into strength. From these levels, we have since seen the commodity lower by 17%.

• It has also broken down from it's weekly chart structure which looked for a break of the multi-month incline.

• Currently, it trades in a short term oversold range, which means that ultra short term rebounds are possible, however, the higher time frame structure remains vulnerable to further weakness.

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Note: 25 June

Note: 07 August

REAL-TIME: 21h39 / U.S. TRADING SESSION

The technical vulnerability is recognized in this flash view of the commodity's weekly chart.

• Here, a 'topping structure' similar to that seen in the period December 2018 to January 2020.

Lester Davids

Analyst: Unum Capital