Here is a segment from today’s Brent Crude Technical Analysis report from FuturesTechs. We gave clients a preemptive “call” prior to last week’s sell off, and this morning’s price action, a failure at 118.37, could be the start of the next leg lower.

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Getting above 115.62 was good news for the bulls and we are now approaching a couple of big hurdles to the upside in the shape of 118.37 and 119.03. 118.37 is the 61.8% retrace of the move from the highs, and if this is the start of a bear move we really need to see the market fail here. 119.03 is the level that triggered a sell signal when it broke, and boy did we get a reaction when that happened last week!

Above these two there’s little to stop us from getting back up to the recent highs. However a failure at these levels followed by weakness through 116.15 gives the bears something to shout about once more.