BRENT CRUDE TO RETRACE FURTHER IN WEEKLY UPTREND
We have already had some great shorts on Brent of the past few weeks and now we have just cleared out the support of $80.00 we can continue to look for the short positions.
We have to be aware that the weekly chart is still in an uptrend and until its breaks the weekly lows of $70.34 we should be cautious in holding long term short positions.
Looking at the chart we could see the BRENT CRUDE OIL market retracing down to the 38.2 fib and if so we could look for further short trades down to this point if the market on the
4hr timeframe can pullback into the key 4hr structure lows of $79.00.
We have to be aware that the weekly chart is still in an uptrend and until its breaks the weekly lows of $70.34 we should be cautious in holding long term short positions.
Looking at the chart we could see the BRENT CRUDE OIL market retracing down to the 38.2 fib and if so we could look for further short trades down to this point if the market on the
4hr timeframe can pullback into the key 4hr structure lows of $79.00.