BRENT weaker after inventories and tariffs expectations
The BRENT Crude (Brent Crude) price action sentiment appears bearish, supported by the longer-term prevailing downtrend.
The key trading level is at 7444, 13th and 24th February swing low level. An oversold rally from the current levels and a bearish rejection from the 7444 level could target the downside support at 7245 followed by 7134 and 7050levels over the longer timeframe.
Alternatively, a confirmed breakout above 7444 resistance and a daily close above that level would negate the bearish outlook opening the way for further rallies higher and a retest of 7530 resistance followed by 7640 levels.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The key trading level is at 7444, 13th and 24th February swing low level. An oversold rally from the current levels and a bearish rejection from the 7444 level could target the downside support at 7245 followed by 7134 and 7050levels over the longer timeframe.
Alternatively, a confirmed breakout above 7444 resistance and a daily close above that level would negate the bearish outlook opening the way for further rallies higher and a retest of 7530 resistance followed by 7640 levels.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.