Brent Crude Oil Technical Analysi (XBRUSD) - Weekly Update
Watching $83/$84 price level closely for continuation or reversal

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  • Brent Crude Oil Technical Analysi (XBRUSD) - Weekly Update

SHORT Case

· We saw Brent Crude fall to $78 as per last weeks forecast.

· $78 level provides support for a strong support, giving Oil a 4% push up the next day

· We’re looking to see if there will be a lot of Selling around $84-86—forcing another big sell off to around $75.

 

LONG Case

· If Oil price can penetrate $84-$86 level, we could be looking at a nice rally heading up to $92 and beyond.

· Oils strong push up last month suggests there are more price increases to come in the near term.

· Overall in the medium to longer terms BRENT looks good to keep rising, beyond $100+

 

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  • 20 Nov 23
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Oil

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