Technicals - oil price - further downside potential
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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.
2 topics
4 stocks mentioned
![Angela Mangan](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBa01GIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--b8cff610e368e504cce58789aa7ba50503a6cdd5/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--d4026b52d9aa7a676b3d70dbe31c85d930184392/IMG_1074.jpg)
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](https://assets.livewiremarkets.com/rails/active_storage/representations/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBa01GIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--b8cff610e368e504cce58789aa7ba50503a6cdd5/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdCem9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RTNKbGMybDZaVjkwYjE5bWFXeHNXd2RwQWNocEFjZz0iLCJleHAiOm51bGwsInB1ciI6InZhcmlhdGlvbiJ9fQ==--d4026b52d9aa7a676b3d70dbe31c85d930184392/IMG_1074.jpg)
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.