Brent Crude is moving higher as expected, terminating Wave 3 at $32.24 handle before pulling back. The commodity is seen to be trading just below $30.00 for now and is expected to carve/terminate Wave 4 towards $25.00/27.00 handle, before resuming higher again. The wave structure has been pretty clear since $16.00 lows in April 2020. It remains just one wave away to complete an impulse rally between $16.00 and $36.00/37.00 handle. If the above counts are correct, we should witness Wave 5 resuming from around $27.00 and reaching up to $36/37, taking out resistance (previous Wave 4) at $36.00. This would also mark a long term bullish reversal against $16.00 lows.
Strategy:
Long against $15, targeting $36/37 as near term targets.
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, targeting $36/37 as near term targets.
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.