Bottom Line: A bearish stance seems warranted.
Note: As with WTI, the bearish key reversal on the monthly chart advance the notion that a major top is in place. A substantial five-wave decline from 86.74 seems like a high probability option with the market still in the early stages. The next big downside hurdle to cross is the bottom end of the weekly uptrend channel.
A terrible forecast for Nigeria in 2019….The question now is how badly will the expected deep fall in Brent Crude below US$25/bbl affect the Nigerian economy thus it’s bond market? A strong rise in yields ?