Brent Crude Oil Price Breaks out of Bearish Wedge

Brent Crude broke down from a bearish rising wedge formation several weeks ago, trading relatively sideways thereafter, until the tail end of last week when it fell below and closed below $60.97. The 50% retracement at $57.41 was surpassed yesterday to the downside, with the next target being around the 61.8% Fibonacci retracement level at $54.53, followed by the most recent swing low (C) at $52.61.