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The move to 31.02 looks exhaustive and analysts at Commerzbank look for the market to now consolidate these losses. Brent Oil is trading at 35.757 after recovering in the last hours. 

Key quotes

“The massive gap lower seen on the oil market is exhaustive – it has sold off to a cluster of Fibonacci extensions, we have a 13 count and the daily RSI is down to 10.” 

“Initial resistance will be the 41.01 December 2018 low and the intraday Elliott wave count is suggesting that rallies will struggle to clear the 38.2% retracement of the move at 41.83.”

“Below 30.00 we have the 27.10 2016 low and the 23.05 April 2003 low.”