Quick look: Brent sees bearish break on hourly charts


Looks like brent is heading to $38.90/barrel

Repeated failure last week to see a daily close above $41 despite bullish brk frm falling trend line, followed by a bearish brk from symmetrical triangle on hourly chart indicates the prices are most likely heading lower to $38.90

On the higher side, resistance is seen at $39.90-40.00 wud shift risk in favor of re-test of hourly 100-MA at 40.34. Only a break above the same wud mean bulls remain in control, but fresh longs could be initiated only abv $41 handle


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