FIS Technical – Brent October

Brent futures are in a consolidation period in the form of an ascending triangle. Technically a bullish trend, this would increase the probability of a breakout to the upside in the direction of the trend.

A close above USD 52.74 would suggest upside consolidation. A close below USD 51.81 should have market longs looking to tighten risk.

For those that follow Elliot wave, this would appear to be the beginning of wave 5 of wave 3. We conclude this as the current middle wave is the shortest, and in Elliot terms this is not possible, suggesting it is a wave within a wave.

brent 9-8-17

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