FinancialMarkets Brent Crude Oil Technical Analysis - 22Feb 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
Brent Crude Oil Technical Analysis
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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