FinancialMarkets Brent Crude Oil Technical Analysis [OVERVIEW]
As calculated last week, Brent Crude oil has dropped
As calculated last week, Brent Crude oil has dropped—although abruptly, as a result of Israel attack on Iran not being on oil fields—which reduces supply worries. We maintain our stance from last week as we wait to see Crude Oil near the low $70s where we anticipate some kind of reversal upwards.
LONG Case
• Consider buying crude oil around $71.
• Overall we’re still expecting Brent to head towards the $96-$100 price levels.
• Brent Crude falling below $70 would be a game changer, and we would need to re-evaluate the market outlook again.
SHORT Case
• A sell trade at $76 did become evident, although the drop was sudden over the weekend.
• 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 look to exit any sell positions around $71, taking a nice 6.5% catch on the sell trade
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