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    Brent – Fundamental vs Technical

    Fundamental analysis 

    Black gold- Brent oil  is trading lower mainly due to the further weakness in demand as the Chinese manufacturing data has printed even further fragile number. This affair is mainly causing the traders to increase their short trades for crude and Brent oil. The fact is that we already have way too much of oil supply on the market and given that China is the second biggest consumer of oil, any weaker economic nunber out of China is going to maintain the selling pressure for oil.

     

    Technical Analysis 

    Brent is trading below the downward trend line on a 60 minute time frame which means that the trend remains towards the downside.

    60-60.50 Resistance

    55.70-56.30 Support


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