jasperlawler

One last rebound from 72.50 in Brent Crude Oil

TVC:UKOIL   CFDs on Brent Crude Oil
Brent crude had a dramatic 6% daily drop on Wednesday-
The break of a long term up-trendline is a likely precursor to more weakness.

Scenario A)
Price rebounds from 72.50 support back towards 76 resistance.
Bearish action resumes from 76 or price continues higher into range

Scenario B)
Price continues to fall below broken trend line with immediate break of 72.50
Order cancelled
Bearish trend playing out as speculated- Price rebounded to just shy if 76 - never made it to 76.5 entry point
Scenario B) in play with break of 72.50
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