Brent Crude seems to have carved an intermediary top around $43.40 handle. It has since dropped towards $39.84, sub dividing into 5 waves at a lower degree. Furthermore, the rally to $42.00 yesterday was corrective. If the above short term structure holds as 5-3, Brent is preparing for another 5 waves lower towards $32.80/33.00 respectively. High probability remains for a deeper correction towards $26 and further. We are changing our stance from long term bullish to bearish for the next few weeks. Also note that fibonacci 0.618 retracement is seen towards sub $26.00 levels. It would be considered safe to take profits on the long positions initiated earlier and remain flat or aggressively short.
Strategy:
Short against $45.00 towards $33.00 and $26.00
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:
Short against $45.00 towards $33.00 and $26.00
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.