Long Crude - Next Breakout 0r Take next Pullback to 20MA
Brent Crude Oil continues to trend reasonably well since bottoming out around $44 June last year. We then saw a break through resistance at $58.35 in October which may have provided an aggressive entry for traders keen to catch the beginning of a potential bull trend , a few months later though further conviction of upside momentum was seen as price paused at the 200MA for a few weeks before a nice wave up , a retest and now we see price up around $80.
There is notable resistance ahead at $88 but nothing to concerns us from a technical viewpoint before this level. A close above the $80 round number and the intra-day high seen last week could give a nice breakout entry alternatively try and pick a nice risk/reward trade if we see a pullback to the 20SMA on the daily timeframe
There is notable resistance ahead at $88 but nothing to concerns us from a technical viewpoint before this level. A close above the $80 round number and the intra-day high seen last week could give a nice breakout entry alternatively try and pick a nice risk/reward trade if we see a pullback to the 20SMA on the daily timeframe
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