Timonrosso

Brent showing a further plummet to $67.89

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ICEEUR:BRN1!   Brent Crude Futures
Rising Flag has formed after the downtrend with Brent.
The price has broken below the rising flag which confirms bearishness.
200 > 21 > 7 - Bearish
RSI <50
Target $67.89

FUNDAMENTALS:
We've seen the US Dollar start to strengthen a bit which is can continue to do so for the next few weeks.
A strengthening US dollar can cause Brent crude price to drop because oil is priced in dollars. When the value of the dollar increases relative to other currencies, it makes oil more expensive for buyers using those currencies, which can result in decreased demand and lower prices. Additionally, a strong dollar can also make it more attractive for investors to sell commodities, including oil, in exchange for the higher-valued currency, putting downward pressure on prices.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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