After a clear Impulsive down move, Brent is breaking out of the channel and looks set to retrace a bit and bounce till 60-65 zone.
Support Zone at 42-34.
Brent Crude Oil: BR1: CMP: 68.66 Bullish above 69.70 Targets: 73.30, 75.65, 80.70, 86 SL: 60 close base Risk is yours and Reward is too yours
On the back of Crude inventories data released by American Petroleum Institute(API), according to which inventories fell less than expected, the commodity declined sharply citing lower demand. For further confirmation of the same one can watch crude inventories data about to be released by US government's Energy Information Administration (EIA) at 20:00 Hrs IST....
Midterm forecast: Although current trend is uptrend but we forecast a downtrend wave would begin in Midterm. Technical analysis: There is a divergence in RSI and price between the peak at 70.35 on 2018-01-15 and the peak at 80.5 on 2018-05-22, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased. The...