The Brent seems to have left it's uptrend broadening wedge pattern to the downside. Will Brent settle in a 60 to 70 USD Range?
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Back in the wedge. Will the almost certain retest of the 70s succeed?
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Retest ongoing. This week might be interesting...
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Retest unsuccessful. The upper limit is confirmed. 60-70 USD range confirmed. But maybe the small 68 to 71 USD wedge confirms too. It will be left in May latest...
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Next stop 65.50 USD...
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...well finally it was 67 USD was the end of last week.
Here we go again towards the 70+ USD resistance...
Here we go again towards the 70+ USD resistance...
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Rockets over Syria... Brent pierced through that resistance. Will that be all or is Brent now at a higher level?
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The resistance is broken. If in 3-4 weeks it is still in the 70s or higher then I declare the range broken... and I would expect mid/long term prices back in the 100s...
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Retest of the support (former resistance) line expected around the 17.5.2018.
If it holds then I consider a bullish scenario for a climb to the 100 USD area engaged.
If it holds then I consider a bullish scenario for a climb to the 100 USD area engaged.
Trade closed manually:
As of now I consider the trend as broken. Trading suggestion: an eventual pull-back to 73 USD would offer a good entry point for a long position.