Posted this on BRU last night in anticipation of a breakout on Brent. $52.80 this morning, so I will call that confirmation:
Brent approaching a break out? 61.8 fib at $52.46 and horizontal resistance at $52.61 to get through first. Have drawn the two trend lines - symmetrical triangle?
A part of recent Brent move has been US$ weakness, which is all over red rover, I suspect, so recovering US$ may be a drag on POO - but if POO is going up on supply/demand fundamentals, then if US$ is in recovery mode, that's excellent news for A$ POO:
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Posted this on BRU last night in anticipation of a breakout on...
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