Watching Brent closely here, 4410-4430 was a big level back in April... market held there yesterday and trading there at the moment...
two key fib retracements to watch below between 43-43.20.. 43 is the 0.382 retrace of the Jan low to June high... 43.20 is the 0.618 retrace of the April to June rally. Ideally i'd like to see the market target to here and bounce.
if 4420 area hold again, then upside targets are 45.03, which is the 5 day MA and would be a backtest of the 50% fib retrace of the April/June rally.
Technicals all very low, so maybe weak stock data, slingshot us lower to the 43 level, puts techs into oversold and allows the market to bounce.
two key fib retracements to watch below between 43-43.20.. 43 is the 0.382 retrace of the Jan low to June high... 43.20 is the 0.618 retrace of the April to June rally. Ideally i'd like to see the market target to here and bounce.
if 4420 area hold again, then upside targets are 45.03, which is the 5 day MA and would be a backtest of the 50% fib retrace of the April/June rally.
Technicals all very low, so maybe weak stock data, slingshot us lower to the 43 level, puts techs into oversold and allows the market to bounce.
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Target just about hit on Brent - was looking for 4320 and today low 4330.. Out of short and small long here with sl just below 43.00