Brent to Break over $40.00 to $45.00?
Updated
Lets see if the price squeezed in this triangle breaks and the bulls have the day...
Note
This hour Brent Oil breaks the triangle at 39.63. Now the strong $40 remain.Trade active
Brent Oil breaks over $40. Market seems to try to make this resistance a support level. If successful will wait until $45 level.Note
Bren Oil just hit $42. Still waiting for $45Trade active
NOW here is the kicker... Will Brent see $45 today? That would be a $6 move from the lows of today. The Bulls will reach their target, and the Bears are ready waiting for them at that level. OPEC & OPEC+ Meeting on June 6th this Sunday. OPEC wants the price high but not Shale Oil makes a profit high. And since most Shale oil fields make a profit after $50... This would be OPEC's goal in the Brent Oil price: Keep it below $50 but over $40Trade active
End of day Brent Oil is at $41.85. Not quite the $45.00 level. Stop loss set at $41.60 and wait through the weekend.Trade active
OPEC announces cuts through July over the weekend. BRENT OIL at + $43 levels. Target is at $45, but everyone's target is $45. And the market rarely obeys everyone's wishes. Discipline says leave target where it is, guts say it will overshoot all the way to +$47. Will decide today with thin stop loss marginsTrade closed: stop reached
Trade stopped out at 41.6
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