In these days, everyone is talking about CHF and about OIL. The Swiss Franc appreciated against all currencies, on the other hand, the OIL remain bearish, we don’t have any recovery signs. Today I want to talk about BRENT OIL, the price is now at $48,47 and can continue to fall with first target at the previous low from $46,43 or even lower.
On daily chart, the price has test the resistance from $50,51 (the support turned into resistance), we had a rejection there and now is going down searching for another support zone.
You can see that the price is now below the median line of the descending pitchfork, as long as it is below this line the outlook remain bearish. We have support zone at $39,35 and another one at $36,20. Is hard to believe that the price will fall under $39. The price needs to find a strong demand to be able to grow and maybe we’ll see the price somewhere at $60 in second half of 2015.