FinancialMarkets Brent Crude Oil Technical Analysis - 6 May 2024
I have to admit, this year has been tough so far, I couldn't see many trading opportunities in crude oil. I'm getting back into action, expecting to see markets move again, here's my technical analysis on Brent Crude Oil.
I have to admit, this year has been tough so far, I couldn't see many trading opportunities in crude oil.
I'm getting back into action, expecting to see markets move again, here's my technical analysis on Brent Crude Oil:
SHORT Case
· · It seems most of the falling is done on Crude Oil, and price will most likely hold around the $80s.
· · 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.
LONG Case
· · We’re 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+
Oil
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