Where from here with Brent Oil ?

I will stick with one type of charting and use all relevant forecasting within to see where Brent may be headed. This includes a pattern of an Inverse Head and Shoulders to vertical as well as horizontal counts as shown on the charts. I have chopped the chart due to the scaling effect and focusing on the most relevant part of the completed major pattern ( H&S bottom)  and it’s potential effects going forward.

Firstly though, I will display the header/parameters of the chart should anyone wishes to duplicate and play with it at https://stockcharts.com/

 

brent113052018

Chart version 1 below, showing the target from H&S pattern which stands at $78.02 which is almost met. This may suggest a potential tea/coffee break at current levels may be warranted.

brent213052018

Version 2. Showing 2 Vertical and one Horizontal count with their relevant bullish targets.

brent313052018

Going from all the technical evidence on hand, it may be reasonable to assume that further gains with Brent can not be ruled out. One would need to drill things down on the candle/bar charts for further analysis if they wish.

Also, wishing all mums the very best on this mothers day.

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