Brent continues the rebound towards the target at 47.95
BRENT- ADX / ADM -1.04% - TS 0.52% V. 2.8.4 - Intraday Levels for the 11/07/2017
ADM - Average Daily Movement - Intraday Levels
Close to closing time ... if exceeded the indicated level
On the CBU17 Contract - Sep '17
LONG if> 47.56
TP1 = 48.13
TP2 = 48.77
TP3 = 50.05
Stop Loss = 46.58
Price has been consolidating/ranging between $58 - $53.
Following recent tests of support levels around $54, price has formed a morning star candlestick pattern on the daily chart.
Although this pattern is not at the end of a trend, price could see some bullish follow through in the next couple of days.
I will be looking to get long on any pullbacks intraday,...
Weakening in the short-term, stronger in the long-run.
In the scenario of a lower crude oil inventory and Opec and Russian Crude Oil Export cuts, we identify a trading opportunity for a long-term position. Brent crude oil could move back to the moving average levels of $53/bl to then reassume a bullish pattern.
The crude oil market continues oversupplied just...
Brent crude looking like it is about to retest based upon the breakout we saw earlier in the week. I will be looking at the price action around the $47 handle to see whether we have tall wicks and other signs that prices are unlikely to hold above this level. Target will be $41.50.
Triangle pattern in Brent. Will be looking to trade a breakout by entering on a retest of support or resistance (role reversal), depending upon the direction of the move. Not much else to say here really - just a visual aid by which to look at price action in the coming few weeks.