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Brent Crude Oil Initial Bear Sell Signal in Place

Commodities / Crude Oil Oct 01, 2009 - 07:50 AM GMT

By: Seven_Days_Ahead

Commodities

Best Financial Markets Analysis ArticleDuring the summer months Brent Crude Oil bulls got a second wind, but have recently struggled near to resistance on the long term chart. An initial bear signal was given last week, and we now look for the confirming move.


The Commodity Trader’s view

WEEKLY CHART - CONTINUATION:

The 38.2% recovery level has proved a tough hurdle to pass, and remains first key resistance on this long term chart.

The recovery from the late Dec-08 low shows signs of maturity now, so a decent pullback at this stage would not be a surprise.

DAILY CHART – NOV-09:

 The break/close below both the main rising support line and 66.66 04-Sep low was a clear bear signal.

 We had thought that the dual Fibo support could prompt a s/term bounce, hence we did not want to chase the market.

 In the Commodity Specialist Guide we were sellers on a bounce, at 68.75, just ahead of the old rising support/return line, with initial stops just above the 72.20 17-Sep high.

A better break of recent support, and the channel base projection just below, would be useful bear

confirmation now, with 61.00 targeted for partial profits. A later target centers on the 61.8% level. The current bear signal would be negated on a recovery back through that 72.20 high.

Mark Sturdy
Philip Allwright

Seven Days Ahead
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Mark Sturdy, John Lewis & Philip Allwright, write exclusively for Seven Days Ahead a regulated financial advisor selling professional-level technical and macro analysis and high-performing trade recommendations with detailed risk control for banks, hedge funds, and expert private investors around the world. Check out our subscriptions.

© 2009 Copyright Seven Days Ahead - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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