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Brent goes into free fall now

The price of Brent crude oil for February delivery has now crumbled even more, falling to test $74.50 a short while ago. That means it has taken out all remaining Fibonacci supports on the way down. The last of those was in place at $75.06. That means there is little standing in the way of a revisit to the lows seen back in May. That is not to say it will top back there, but for your guide, it was back then that Brent based out at $69.86. The price is now falling below a downward trend line support at around 74.60 and it seems stops have been tripped all over the place out there now 
 

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