After huge rally it seems that UKOIL which was stuck in range where
distribution took place, can break the range down.
This rally was indicated by me when Brent was 94, have a look:
But, now it looks like the rally is over and it could start stepping down.
Also, it has given a breakdown from head & shoulder pattern and
along with this UKOIL has also broke the previous trendline support.
A closing below 97 can bring a steep fall in Brent but aggressive traders can
initiate short here also.
distribution took place, can break the range down.
This rally was indicated by me when Brent was 94, have a look:
But, now it looks like the rally is over and it could start stepping down.
Also, it has given a breakdown from head & shoulder pattern and
along with this UKOIL has also broke the previous trendline support.
A closing below 97 can bring a steep fall in Brent but aggressive traders can
initiate short here also.
