(MENAFN- ProactiveInvestors - N.America) Brent oil is currently falling in price and I'm now viewing it as heading to an initial US$96 a barrel with secondary, if broken, down at US $92.22.
The crude price is most emphatically not in a happy place and it needs exceed US$103.35 to escape its current drop path.
Commonsense € as well as the political difficulties in Ukraine and the Middle East - suggest the price should be actually be going up.
However my software says otherwise.
can't see it hitting a reliable upward trajectory going unless the price somehow manages to exceed US $115, which is represented by the light blue on the chart.
The longer term outlook isn't particularly clever either.
In the event of the price getting to US$96 a barrel, as seems likely, this triggers a long term drip down to US$80. And when I view the five-year chart this prospect doesn't look stupid.
As usual, get in touch with any nominations for this column.
Alistair
www.trendsandtargets.com
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.