13 Feb 2015
Brent could head back to $42 – RBS
FXStreet (Edinburgh) - Technical Analyst at RBS Dmytro Bondar sees the likeliness of the barrel of Brent crude to slide towards $42.00.
Key Quotes
“The monthly chart indicates there should be a near-term consolidation within the 42 – 64 region amid outside month candlestick pattern and oversold stochastics”.
“On the other hand, it is difficult to see a stronger rebound due to Fibonacci levels (resistance) at 62/64 and the 5-month moving average providing a trailing resistance”.
“Moving to a short-term chart, it suggests that after this correction we may see another wave of a selloff towards our target of $42 and potentially to below $30 if resistance of 60/61 remains not broken, as 10/3/3 daily slow stochastics appears significantly overbought”.
Key Quotes
“The monthly chart indicates there should be a near-term consolidation within the 42 – 64 region amid outside month candlestick pattern and oversold stochastics”.
“On the other hand, it is difficult to see a stronger rebound due to Fibonacci levels (resistance) at 62/64 and the 5-month moving average providing a trailing resistance”.
“Moving to a short-term chart, it suggests that after this correction we may see another wave of a selloff towards our target of $42 and potentially to below $30 if resistance of 60/61 remains not broken, as 10/3/3 daily slow stochastics appears significantly overbought”.