Forex Flash: Brent Crude is technically bearish - Nomura

Nomura Strategist Saeed Amen has taken a look at Brent Crude from a purely technical perspective.

He begins by noting that spot is up on the week but he has flipped to a bearish view. He comments that on his daily chart, RSI is close to exiting overbought territory, suggesting that spot has reached a short term top. Further, he notes that there have been two doji candlesticks, which are often signs of reversion. He finishes by writing, “Bandwidth has declined, indicating that spot is likely to range from here, and we could see a retracement back lower.” He sets his target at 115 where the 20 day MA lies.