The short and medium TO moving above the long TO indicate, Brent may have made a short term bottom and is ready to move higher to $38- $ 39 where it faces strong resistance from the falling trend line from June 2014.
The intermediate trend on Brent may just support this up move till the point of resistance which may last a couple of weeks.
The long term trend, however continues to be extremely weak, as all the TOs on the monthly chart continues to be bearish, indicating a further downside.
It may be a while before the damage caused to the long term charts can be repaired for Brent to have a meaningful bounce.
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