Brent is in a down trend.
There is a clear double top at 118.00 area.
Chart below:
Price has been making lower highs and lower lows.
Price has pulled back to the 38.2% Fibonacci level, it has been unable to break above this level on four occasions
Chart below:
Price has broken down through the averages today and I am looking for a short position as detailed below:
Levels Chart below:
1st Entry: 103.10
2nd Entry: 103.40
Averaged Entry: 103.25
Stop Loss: 103.90
1st Target: 100.00
2nd Target: 96.80
I will update again should the position be opened.
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