Brent Crude (UK Oil) moving lower this week
**Monthly Chart**
Brent Crude (spot) - UKOil, last month's candle closed lower after testing the previous month's key reversal, this indicated that UKOil is going to continue its move lower. This month's candle which is still active, has opened from the bearish closed candle of May and started moving lower. However, the pair is moving within a long-term range as per the monthly timeframe.
**Weekly Chart**
Last week candle opened lower. However, it paused around the 77 level, the previous demand zone then moved higher to the 82 level (round number) and rejected it. Therefore, the expectation as per the weekly chart that the move will be bearish for this week. The next target to be tested is the monthly low around the 72 level.
**Daily Chart**
As per the daily, the price tested the relative equal lows on the daily and started moving higher. However, due to NFP last Friday, the price started moving lower after testing the FVG (or IPA) candle around 82 level and then started moving lower.
For this week, I would like to see more price action to provide a good setup to sell this UKOil and move it to test the 72 level given the change in market structure in the lower timeframes.
Brent Crude (spot) - UKOil, last month's candle closed lower after testing the previous month's key reversal, this indicated that UKOil is going to continue its move lower. This month's candle which is still active, has opened from the bearish closed candle of May and started moving lower. However, the pair is moving within a long-term range as per the monthly timeframe.
**Weekly Chart**
Last week candle opened lower. However, it paused around the 77 level, the previous demand zone then moved higher to the 82 level (round number) and rejected it. Therefore, the expectation as per the weekly chart that the move will be bearish for this week. The next target to be tested is the monthly low around the 72 level.
**Daily Chart**
As per the daily, the price tested the relative equal lows on the daily and started moving higher. However, due to NFP last Friday, the price started moving lower after testing the FVG (or IPA) candle around 82 level and then started moving lower.
For this week, I would like to see more price action to provide a good setup to sell this UKOil and move it to test the 72 level given the change in market structure in the lower timeframes.
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