Oil prices have been flattening since rallying in August. A 4H chart of Brent crude (BZ) shows that there were two failed attempts to break above 115.40. This forms a possible double top, IF the market can push price levels below 108.45, the common support for the double top. With a push below 108.45, a very short-term outlook is to the 105.00 pivot, which was support August 19 and August 22. Below that, we open up the lows from August 8 and 9, near 100. 100 is also an important psychological support, so the bearish outlook for a break below 108.45 has a bearish outlook that is limited to this level.

 

4H

4H chart of Brent crude

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