BRENT OIL PnF Chart Analysis 03/08/2016.

Brent is currently flirting around its 200 day SMA, which is likely to offer some support. According to this PnF chart on the other hand, two bearish price objectives for Brent Crude Oil are deeper.

Same chart did a fine job with the prior bullish price objective which must also be noted. The tentative bullish objective of $51.50 was slightly exceeded.

Two bearish counts are taken from the most recent toping pattern are on the chart with their respective bearish tentative price objectives as shown.

Chart is courtesy of StockCharts.com

brentpnf03082016

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