Crude Oil Brent formed an Inverted Head & Shoulder

MOEX:BR1!   Brent Oil Futures
Brent Crude Oil has been dominated by the bears due to the weak fundamentals and oversupply, demand constraint and insufficient OPEC+ agreement. Brent price dipped again after a short euphoria on the OPEC+ agreement reflecting conflicting vision on traders and investors. Having said that, the Technical Analysis reflects the market is re-testing the lower 20s range and is comfortable at US$25/ Bbl . This could form an Inverted Head & Shoulder pattern looking forward to economic recovery signals.


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