Brent oil is tracking WTI’s move lower, trading under the $28 handle for the day so far.
The weekly chart above paints a good picture. After finding a bottom at the $21.64 level, brent made an impressive rally and tested the $36.11 level.
Based on a long-term projection, we can expect a test back to the $21.64 lows. In the rare occurrence that we break the March low, however, it could see a further drop near the $8-10 region.
The 2-hour chart below projects the current price action. It depicts an ascending channel where prices can be expected to trade within the short-term.
The median trendline represents a dynamic rejection of support within the channel. In case we see a valid break to the downside, we can expect a test of the $25.00 round support.
With the demand subsiding, the overall risk remains bearish and any decent retracement is likely to find willing sellers.
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