Сrude oil continues to fall in the global markets. Brent was trading at 15 USD per barrel, a price of mid-1999. This is a very serious challenge for crude oil companies. An ascending truncated pattern has formed on the chart (M5). The 306.88 resistance level holds back buyers. Stochastic Oscillator signals overboughtness.
Trading recommendations:
Sell while a descending wave pattern is forming.
Stop loss for the resistance level of 306.88.
Target levels: 294.00; 270.55; 230.00.
