FinancialMarkets Brent Crude Oil Technical Analysis [OVERVIEW]
Crude Oil spent much of last week moving sideways, flirting with the critical $75-$78 price range.
Crude Oil spent much of last week moving sideways, flirting with the critical $75-$78 price range. We look to see what will happen as the price nears $76 ish, whether price will break through to resume the upward move or if there could be a substantial reversal heading back down to $70s.
LONG Case
• Consider buying crude oil around $78.
• Overall we’re still expecting Brent to head towards the $96-$100 price levels.
• We should be cautious around $86 price levels, where we will re-evaluate market direction.
• Brent Crude falling below $70 would be a game changer, and we would need to re-evaluate the market outlook again.
SHORT Case
• Support is maintained around $70s level, and we saw a re-test of that same level before Oil started pushing up on Iran/Israel issue.
• We may very possibly see another retest of the low $70 s before we get a clear upward move to flush our all the bears in the market.
• Around $76 ish we will see if there could be a Sell Trade on crude oil
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