Technicals - oil price - further downside potential
Angela Mangan
QMG Pty Ltd
The Brent price originally generated a technical sell signal at US$53.06 on 8/3/17. This was identified as the (negative) technical turning point. The decline last night has resulted in further major support being broken which has generated a new technical sell signal. The downside technical price target is located at US$42.25.
An identical situation has occurred on the WTI price which originally generated a technical sell signal at US$50.24 on 8/3/17. The price decline overnight has resulted in further major support being broken, thereby generating a new technical sell signal. The downside target is located at US$39.25.
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Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.
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4 stocks mentioned
Angela Mangan
Technical Analyst
QMG Pty Ltd
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.
Expertise
Angela Mangan
Technical Analyst
QMG Pty Ltd
Angela has over 30 years experience in the technical analysis field. She provides technical analysis coverage of major Australian and global stocks / key markets, including provision of a bespoke technical service to wholesale clients.
Expertise
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