Brent is in a downtrend with the formation of lower lows and lower highs. This means, there is another bearish leg impending towards the bearish side. The price for the resistance level is at 77 which will push the market down at the 73 level. 

The descending trendline has broken out for buys and the market has validated it as well.

The retracement level of 61.8% is in confluence with the resistance level. It will align with the technical parameters.

EMA 50 is bullish and when the market starts to drop, it may align with the bearish momentum and it turns into bearish.

RSI is at 60. It needs to dwell below the 50 level and continue towards the over sold region for the continuation.

Brent sells

Dec 14 2023