As the price bounced back from the $52.70 resistance level
and broke the upward trend (both trend lines!) short positions were favorable. The $50 price level is a strong support level
, which may hold the fall of the Brent Crude Oil
price. My guess is that the price will remain above $50 and as the price gets closet to support level
long positions will be favorable. When the price will break the downward trend (red trendline
) we will get the confirmation based on the analysis for taking our long positions.