In the Brent crude Oil Daily chart below, we see that Thursday's retracement higher was to the 23.6% retracement of the High from 26 August through the October intramonth Low.
Similarly, in the WTI Oil Daily chart below, we see that Thursday's retracement higher was to the 23.6% retracement of our downside price objective.
Trading activity since the Thursday moves higher has been technical, including today's trading activty.
First in Brent crude...
Our downside price objective for Brent crude remain unchanged as we can see on the following Monthly chart. We still anticipate a move lower to the $81 handle.
Likewise, our downside price objective for WTI Oil remains unchanged with a pullback to the $76-77 handle area possible.
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