Brent Crude may be just one wave away from terminating Wave 5. The projected fibonacci extensions are pointing towards $37/38 levels but a push above $36.30 would complete minimum requirement. Also note $36.30 was previous Wave 4 termination at a lesser degree and a break higher confirms trend reversal for the long term. We had been calling for a push through $36.00 levels since last several weeks now, and it seems Brent is now close to completing its first impulse through $36.30 resistance. Thereafter, it is expected to produce a corrective drop A-B-C towards $24.00 levels, before resuming its rally. Believe it or not, Brent Crude has potential to close year 2020 back above $60.00 handle.
Strategy:
Long against $15.00, targeting $36.00/37.00 (almost achieved). Waiting for a pullback to enter buying again.
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.
Strategy:
Long against $15.00, targeting $36.00/37.00 (almost achieved). Waiting for a pullback to enter buying again.
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.