SEB: Brent crude upside hope waning – eFXnews

FXStreet (Barcelona) - The eFXnews Team shares SEB’s view that the Brent crude price action looks like a bearish flag, noting that below 59.30 could target 55.45 levels.

Key Quotes

“Brent crude: Upside hoped waxed and waned. Now it looks more like a bearish 'Flag' which once it's broken (<59.30) would target not only 55.45 (127.2% Fibo extension ref) but also 54.25. A clear-cut bullish session close above the ever descending 8day 'Tenkan-Sen' (61.25) is needed to question the immediate bullish stance again.”