Brent Crude Oil: Short Term Traders Gain 10 to 13%

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As per our comment on 08 April, just after the U.S market close: "Note that although the weekly structure is bearish, the short term sees the commodity trading in an oversold range which means that a rebound at or around current levels is possible. The current price action model reading is shown below"

Brent Crude Oil Daily Chart as of Thursday 17 April at 18h35

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Previous Post (Tuesday 08 April at 10h27, S/African Time / U.S Trading Session)

Brent Crude Oil Weekly Structure

A prolonged period of consolidation has been in play however, we are now seeing the bearish structure unfold as was discussed on 07 August.

The updated chart, reflecting the breakdown, is as follows:

Brent Crude Oil Daily Chart as of Tuesday 08 April at 21h51 (S. African Time / U.S. Trading Session)

Note that although the weekly structure is bearish, the short term sees the commodity trading in an oversold range which means that a rebound at or around current levels is possible. The current price action model reading is shown below:

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ZOOMING OUT: Brent Crude Oil - Wednesday, 07 August 2024

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