Brent Crude has pulled back off of critical levels at 45 and 39 and technically looks to consolidate at either level for a breakout higher or lower. Multiple Fibonacci’s converging and clustering at the $45 level produced a selloff to $39.
The question remains will price continue to fall after this brief rally or create a breakout level at $45 to go higher? Or will price break down further below the $39 level. Demand for oil remains low for the foreseeable future … so where do we go from here?
