BRENT Short

Oct 28, 2020

Hello colleagues. Double top pattern for oil. If price will break through the nearest resistance zone by Wednesday next week, then the target for oil is 36. but I advise using trailing stop loss as oil goes oversold and the countries of OPEC may announce additional cuts to normalize the situation. Fundamentally the previous growth was associated with hurricane Delta and rumors of increased demand for oil in China and India. But in fact, China bought at good prices in spring and summer and is full of oil. In Asia, flights are only local, international will open no earlier than March 2021. There are no preconditions for a sharp increase in demand. In addition to this news, I want to note the increase in covid diseases around the world.

Nov 2, 2020

Trade closed: target reached