Brent Crude ETF Confirms Bearish Continuation Pattern

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Brent Crude ETF (BNO) plunged in February and then consolidated with a pennant in early March. This consolidation affirmed support near the trend line extending up from the early November low. With a sharp decline the last two days, BNO broke support to signal a continuation lower. Also notice that the BNO:USO ratio broke support to signal that Brent is starting to underperform West Texas Intermediate.

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Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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