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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.
Comment:
It seems that we are back on the track with long positions as it broke the downward trend. Further long positions are favorable from now on. It is possible that a correction will follow today's rally.
