According to the daily chart, Brent Oil is into a downtrend in the medium term. The MACD on the daily chart may be soon negative and the stochastic oscillator is already negative.The price is at this moment below EMA50 and it may continue to drop. The Fibo level for the confirmation of uptrend is at 36.85, but the price is less likely to rise at that level. The price on the daily chart is still into a downtrend and it may try to fall again at around 28 level in the medium long term.
The price on 8 hour chart is still below EMA 200 and the MACD is negative. The price is into a range, between 32 and 36. Until now, the bearish trend scenario remains valid in the upcoming period if the price falls below 32.25 level.
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