BRENT CRUDE OIL - Brent Plunged More Than 13% in July - 07/29/2016 (GMT)
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- Timeframe : 4H
BRENT CRUDE OIL Chart
The Brent Crude Oil plummeted 13.5% since the beginning of the month and now is on track to record the second straight negative weekly candle. Following the aggressive sell-off hit its lowest levels since May, falling towards to the $43.00 price level. The continuation of the downward move is possible since the momentum is strong for the price and for the technical indicators. Additionally, on the 4-hour chart, the price is moving well below of the three SMAs (50-SMA, 100-SMA, 200-SMA) and the next support level to watch is the $40.50. Technical indicators are falling in an oversold area endorsing our bearish thought.
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