The Brent move I was predicting is well underway, with a decisive move up overnight, sooner even than I was hoping for as shorts covered in desperation. The A$ is on the nose going the opposite way, with a precipitous fall over 1% last night which means Brent is just under A$86/b, compared to the recent January high of A$88/b. I can confidently predict Brent will be in A$90s for our first boat and A$100/b + is possible thereafter. Here’s the breakout move:
This is exactly what I’ve been suggesting after the consolidation period, all that congestion around the 23.6% Fib level had to give one way or the other, but as I had mentioned, it had failed to test the 38.2% Fib level when it had the chance, so odds were heavily on the upside break - now it will move back up to test the Jan high of $70.69:
All chance of a single 1mm of drizzle over the next week in Broome has evaporated, like our pond, the only likely precipitation now is if a mosquito takes a piss in it. T-Storms all week in Bali though, hope The finds cover in a cozy Temple and chants for world peace and a dried up Ungani Access Road:
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