FinancialMarkets Brent Crude Oil Technical Analysis - 13 May 2024
Brent crude oil still hovering around the low $80s. Here's what we're looking for in crude oil - hope this forecast will help you with your oil trading decisions.
Brent Crude Forecast 13 May 2024
Brent crude oil still hovering around the low $80s. Here's what we're looking for in crude oil - hope this forecast will help you with your oil trading decisions.
*SHORT Case*
· · Brent still hovering around the low $80s. Looking to see if price shows a reversal around $80—$82 area.
· · We are looking to see if Brent will push closer to $80, at which point we would be looking for Buy positions.
· · Short selling crude oil seems like a very high risk strategy at the moment, we avoid short selling for now.
*LONG Case*
· · We’re still expecting some sort of strong upward movement as Crude oil prices get closed to $80s.
· · If we can find a bottom closer to $80, there will be a high probability of oil pushing back up towards $95.
· · Ideally stay on the buy side of Crude Oil, overall in the medium to longer terms BRENT looks good to keep rising, beyond $100+
#oilandgas #crudeoil #crudeoiltrading #oilandgasindustry #oilprice #hedging #derivativestrading #commoditytrading #commoditymarkets
Oil
Comments