The Hunt for Oil Prices’ Collapse Continues
Brent oil prices are close to the important resistance at $85.00-$86.00 per barrel. If prices fail to breakthrough this important level, they may roll back dramatically to the support at $74.00-77.00 per barrel. But before prices should briefly come to around the $85 lower margin of this resistance zone. It this quick retest will be successful than the probability of the downside scenario will increase dramatically. I will take $74.00-77.00 per barrel support zone as a target. The stop-loss will be placed at $89.00 per barrel, which will give profit/loss ratio at 2 to 1.
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