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OIL: Brent Prices Could Breakout to Downside: BofA

OIL

Brent prices could see a technical breakout to the downside from a triangle pattern in Aug-Oct 2024, according to Bank of America cited by Reuters.

  • "Our wave count implies a breakout is to the downside or brent declining to $63-60/bbl by year end 24."
  • A weekly close below $78/bbl for Brent crude would solidify this bearish view.
  • A break higher above $89/bbl could signal an end to the cyclical bear trend and signal an initial upside to $105/bbl.

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