BRENT/UKOIL (WTI relevant) next move, $80 in sight...
BRENT / WTI (is not that dissimilar) is within the reach of ATH since 2014, technically we have made a double top and R/R ratio favours a Short, however fundamentally there are serious concerns over the supply and Iran sanctions/worries are in full swing. $80 is out immediate target with significant resistance above that. Our crude inventories today should give us a good sign of where it is heading so keep an eye out. Technically we have a bullish cross on Tenkan/Kijun on ichimoku, we are above the cloud and RSI is giving a strong upswing trend signal. There is a large bull flag in play that may take us out into the 80s easily.
My setup is as follows watch 78.40 area closely post todays inventories, I am currently long from 76 area and will be potentially adding to a long on bullish signs at 78.40. Or you could wait for a strong short signal. Its still not too late but I would put a tight SL (79.4) and low leverage as you can see from 1D chart 78-79 area has been a good area to short from, however we have never hang around there for long and usually the rejection is fast and strong, not the case at the moment.
My setup is as follows watch 78.40 area closely post todays inventories, I am currently long from 76 area and will be potentially adding to a long on bullish signs at 78.40. Or you could wait for a strong short signal. Its still not too late but I would put a tight SL (79.4) and low leverage as you can see from 1D chart 78-79 area has been a good area to short from, however we have never hang around there for long and usually the rejection is fast and strong, not the case at the moment.
Comment:
As per earlier prediction we have held the 78 area and have reached 80 and now within reach of 81. A small retracement is expected, pending the inventories this week we should potentially aim for 81.50 - 82. Otherwise we fall back into 78 range.