Trade Idea: Short Brent Crude Oil
Brent Crude Oil has had a strong run-up from around the $72 level, driven by among other factors: (1) a risk-on equity market, (2) drop in US crude inventories and (3) US sanctions on OPEC producer Iran which pointed to tighter supplies. Technically we are now nearing some short term overhead resistance, providing an opportunity for traders to short sell the commodity. Short between $78.50 and $79.00. Target price is $75.80, with a stop-loss of $80.60. Disclaimer: I remain bullish on Brent Crude over the medium term, with a view that we could see $88 being tested.
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