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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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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