It's a LAUGH but Brent looks like it's heading to $56

This looks like a JOKE.

But when you look at the DAILY chart - text book says the price is going to hit $56.13!

As long as the price remains below the DOwntrend, it will seem feasible and there may be a few fundamental reasons for such downside.

Oversupply 📈: Too much oil flooding the market is keeping prices low.

Economic Slowdown 📉: Sluggish global growth is cutting demand.

Green Shift 🌱: More focus on renewables means less reliance on oil.

US Production 🚀: A boost in US shale adds extra supply.

Speculation 🔮: Traders betting on drops are fueling the downward trend.

Technicals

M Formation has formed and the price broke below the neckline.

We have seen the price stay below 20MA and 200MA - BEARISH

Target $56.13

WHat do you think?

Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.