FinancialMarkets Brent Crude Oil Technical Analysis -14 Feb 2024
At the moment there are not clear short positions to take, we are looking to see if brent oil price will reach around $84-$86 for signs of market reversal.
SHORT Case
At the moment there are not clear short positions to take, we are looking to see if brent oil price will reach
around $84-$86 for signs of market reversal.
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
Better to stay on the buy side of brent crude until around $84-$86 where we might get sell opportunities.
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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