Brent Crude might have carved interim top around $43.40 handle, after having rallied from $15.75 lows in 5 waves. Ideally, an impulse is followed by a 3 wave corrective drop and Brent might have resumed towards the same. The first Wave A is expected to drop through $33.00/34.00 support, near previous Wave 4 as seen on the chart here. Subsequently, Wave B should pullback marginally before Wave C resumes lower towards sub $26.00 handle. Please note Brent Crude is bullish against $15.00 for the long term, except for the above corrective drop. Conservative trading approach should remain buy on dips, while an aggressive trading strategy should be to sell on rallies. A drop below the $39.00 handle is required to confirm that Brent Crude is heading lower towards $33.00 and beyond.
Strategy:
Long against $15.00, targeting towards $65.00 in the long run.
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 towards $65.00 in the long run.
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.