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Ascending Channel of Brent: Price Targets for Bears

May 8, 2016 at 19:38 by Vladimir Vyun

Crude oil has been in the bullish mode for a while now, and as a result Brent crude has entered an uptrend channel. Yet concerns about oversupply and the slim chances of production cuts mean that a reversal of the trend is possible. The present chart offers price targets for those traders who are willing to place bearish bets.

The yellow lines indicate the ascending channel. The cyan and green lines create a mirror image of the channel with the exact same Big Bounce House width to the downside. The cyan line moved below the lower yellow line by 10% of the channel’s width and offers an entry point for bears. The green line suggests the profit-taking target if a downside breakout indeed occurs.

Click the image to enlarge it to a full-size screenshot:

You can download the MetaTrader 4 chart template for this pattern.

If you have any questions or comments regarding this chart pattern for Brent oil, please feel free to reply below.

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