Focus on Brent;need to close below last week’s low to add shorts

FX:UKOIL   CFDs on Crude Oil (Brent)
Brent oil log sixth straight weekly loss, the fall last extended for eight straight weeks between June-August 2015.
Chart :
Oil bears need to close below last week’s low to add more shorts. In this case, Brent may have legs to extend correction towards 63.50$ below here the focus shifts to 61.50$-60.00$. However, the limited daily volatility and the bullish turnaround of the daily oscillator should limit the downfall in the coming days. Also note that the price manages to hold the 31-month ascending trendline, so far.

The resistance stands at 68.50$ and 70.00-70.50$. Overall, today the price likely to consolidate between 70.00$-65.00$.
After a relentless selling pressure finally, the landslide paused last week. Expectations of OPEC’s supply cut and oversold indicators stop us to forecast further bearish views on an intraday basis.

For a trading purpose, a move above 68.50$ needed to rally further to 69.00$ and 69.20$, in extreme case 70.00$ is also achievable.

The flip side, intraday support finds at 66.30$ and 65.70$ below here 64.80$ exists.


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