30 Mar 2015
Brent crude expected to resume the downside – RBS
FXStreet (Edinburgh) - In the opinion of Dmytro Bondar, Senior Technical Analysis at RBS, the price of the Brent crude could grind lower in the near term.
Key Quotes
“The price has finally broken below the flag support line, as 10/3/3 stochastics started to turn bearish, confirming our overall view for further decline in oil as well as the near-term bearish risks”.
“The range of $50 – $64 is still in place, but may be challenged soon by s test of its support level”.
“Long term, I believe that spikes will remain capped by $65 and the price will re-test the $45/42 support”.
Key Quotes
“The price has finally broken below the flag support line, as 10/3/3 stochastics started to turn bearish, confirming our overall view for further decline in oil as well as the near-term bearish risks”.
“The range of $50 – $64 is still in place, but may be challenged soon by s test of its support level”.
“Long term, I believe that spikes will remain capped by $65 and the price will re-test the $45/42 support”.