Edu bullish setup for Brent crude oil June '18 futures contract.
Trade entry/target/stop shown on chart
If 57,3 stays untouched a break of 52,3 would be a bearish sign. Risk-taking traders are searching for earyl shortsignals at the price area of 54,7
The Oil market is in at a key pricing level whereby a ceiling has been put in place since Aug 2015. The $54 level has been tested 4 times, and failed on each occasion with a notable retracement seen on each occasion. If a break above this price ceiling is made, a buy order should be initiated with a target of $60. Only sell if fundamental news comes out...
Oil is moving down since it find resistance around 51 USD, this is a strong level. The first support zone is around 46,25. And a bigger support zone can be found around 42 USD. For the short term, Brent Oil can move lower to 46,25 - 46,50. When this level will break, the next stop is around 42 USD.
Brent clocked 5-month high of $46.10 and trades around the same in early Europe today. Markets ignored a record high weekly inventory buildup reported by US government and cheered IEA’s forecast of sharp drop in non-OPEC output in 2016 Formation – Rising channel Resistance – $46.47, $47.65, $47.97 Support – $44.90, $43.32, $42.51-42.27 Brent’s day end...
Chart forming mild upward trend after yesterday drop RSI still showing upward trend, confirming resistance had been formed for bullish trend, Risk level moderate.
Looking to long Brent Oil on the break out. A good 400 pips to catch here!