FinancialMarkets Brent Crude Oil Technical Analysi- 07 Feb 2024
We would use short term sell positions to protect longer term buy positions here onwards, unless we see oil breach $72
SHORT Case
We would use short term sell positions to protect longer term buy positions here onwards, unless we see oil breach $72 level, which at the moment seems unlikely as we saw oil break confidently above $80s last week.
LONG Case
We are looking for buy opportunities on Brent crude Oil, observing crude oil around $75—$78 for signs for upward movement. Now the near term outlook is in line with the longer term outlook, we’re expecting a dramatic upward move in the medium term, heading back towards $100 levels. We expect any sell off in oil to be a buying opportunity for the longer term.
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Oil
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