[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.
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
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