FinancialMarkets Brent Crude Oil Technical Analysis [OVERVIEW]
A beautiful price reaction at $71 on crude oil, bouncing up and heading towards $76 again.
A beautiful price reaction at $71 on crude oil, bouncing up and heading towards $76 again. Last week drop seems an irrational over-reaction to Iran Israel conflict, where much of the market uncertainty remains, as with the RussiaUkraine conflict. We maintain our stance from last week and expect a continued upward movement.
LONG Case
• Ideal buy price was around $71 as suggested last week.
• Market will most likely give a pull back thus a new buying opportunity which is yet to be determined.
• Brent Crude falling below $70 would be a game changer, and we would need to re-evaluate the market outlook again.
SHORT Case
• A look to see if a sell trade could materialise around $76 ish again, or whether price will simply break through.
• 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.
• All previous sell trades should be closed at $71 with a healthy 6.5% catch
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Oil
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