Brent Oil Breakout or reversion? Day one analysis
Updated
BCOUSDYesterday was the big day I was expecting with a 360 degrees daily swing, starting with a bullish attempt of 120 pips from 62.5x to 63.7x and a final fall of 200 pips.
It validates how critical is that areafor both Bulls and Bears to shape the following trend of Brent Crude Oil.
I mentioned on my daily chart analysis yesterday an area of interest from 62.50 to 63.80. We almost covered entirely that price range. Even if Buyers managed to rescue the quotation back to the yesterday market start, the length of the downside wick on that 4H chart indicates the strength of the selling pressure.
Despite that Hammer candle, a new attempt below the 62.50 is likely today.
Let's consider that second day if Buyers will be able to reinitiate a new bullish attempt.
Comment
I will be attentive today if the price enters above the 62.90 on the upside or/and below 62.45 on the downside.Comment
The price above 62.90 has initiated a bullish attempt above 63. The market isn't very active currently but I am expecting a swing higher but below yesterday's higher highComment
The quotation collapsed 100 pips after reaching only 5 pips above 63 confirming my bearish bias. As a warning to the potential buyer of a potential pullback, the penetration below 62.44 is opening the way to an extension to the yesterday lower low @61.35 level.
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