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Further technical detail concerning the Brent fall below $84
Further to the previous update on Brent crude, now falling below the $84 handle, here is some technical detail to add colour around the technical outlook. Brent based out at $76.66 on June 4. The rally that followed saw it reach a high at $87.95 on July 5. The first correction target of that rise is at $83.64. That represents a 38.2% correction of that upside move. Beyond that comes the 50% target at $82.31. In between those two levels we have the 100 day moving average (in place right now at 83.44) and then the 50 day moving average (in place now at 83.09). The low seen so far has been set at $83.75. Brent is currently trading at $83.76
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