Brent Crude might be preparing to unfold its corrective drop as a flat towards $29.00 levels at least. The commodity seems to have completed 5 waves rally between $15.75 and $36.90 respectively. During this rally, it has managed to take out a major resistance at $36.30 levels. It is now confirmed that bulls are in complete control and that the rally is not complete yet. Ideally, after a 5 wave movement in one direction, we can expect a 3 wave move in the opposite direction (counter trend). In this case, a counter trend drop is expected to resume any moment towards $29.00 as the first target. We would review again when prices reach $29.00 to see if the drop is complete. Overall, expect a corrective drop for the short term, before Brent Crude rally could resume toward $50.00 levels.
Strategy:
Long term bullish against $15.00, targeting above $50.00
Short term bearish towards $29.00, stop at $39.50
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Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Long term bullish against $15.00, targeting above $50.00
Short term bearish towards $29.00, stop at $39.50
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.