Crude is trading around the neckline of a potential medium-term bearish reversal pattern, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.
Dodd says a break below the neckline (at 43.58, see Chart) would confirm the pattern, giving a measured target of 32.4. He notes the weekly chart has failed to provide any bullish reversal signals around the neckline, suggesting a break may be on the cards.
Read the full report, including an analysis of the following futures markets:
STOXX Europe 600
EURO STOXX 50