Looking at Brent Oil

Let's make this short and sweet.  Brent Oil looks very weak.  It hasn't been able to recover the late 2012 lows and is still trapped under it's long term moving averages.  We can see the double top measures to at least 91.  

Relative to West Texas Crude, it has continued to weaken after breaking down out of a ~1.5 year wedge.  

In both relative and absolute terms this looks like a short with plenty of room to the downside.  If you forced me to pick one, I'd pick the outright bearish position because Crude isn't looking so hot either.  BTW, if you aren't involved in futures markets BNO is the go to proxy.


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