Brent Crude is heading towards the resistance line of a Channel Down and could reach this point within the next 7 hours. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.
Brent Crude formed a Channel Down on the 1 hour chart. Retest of resistance in sight.
