FinancialMarkets Brent Crude Oil Technical Analysis [OVERVIEW]
Once again Brent Crude proved to be a good Buy around $72,
Once again Brent Crude proved to be a good Buy around $72, giving us a handsome gain of 4% last week alone. A lot of economic data expected this week, including Fed Interest Rate decision, Core Retail Sales, Manufacturing Index numbers etc. Consider hedging some oil positions to the sell side and wait to liquidate to continue buy side.
LONG Case
• We had multiple buy opportunities in the past month, we hold existing trades for now.
• We continue to stay bullish on Crude Oil, noting there could be short term falls whilst Oil rises.
• We note that Brent Crude falling below $70 would be a game changer.
SHORT Case
• We consider hedging our buy positions by selling some oil contracts.
• We look to see if oil will breach below the $70s, where we will look for Sell opportunities.
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