We have a head and shoulder breakout on the hourly chart, similar to the one seen on Brent hourly chart.
Hourly chart has confirmed a break below neckline level of $43.66. Failure to sustain above neckline followed by a drop below $43 levels could trigger a drop to confluence of support at $41.89 mentioned here.
On the other hand, a day end closing above $44.49 is needed for a re-test of $46.78 (Apr 29 high).
Hourly chart has confirmed a break below neckline level of $43.66. Failure to sustain above neckline followed by a drop below $43 levels could trigger a drop to confluence of support at $41.89 mentioned here.
On the other hand, a day end closing above $44.49 is needed for a re-test of $46.78 (Apr 29 high).
