BRENT OIL POTENTIAL TO REVERSE
Updated
Hello friends! If you agree with this idea, please give me a like and a follow. It will be greatly appreciated and will allow me to continue posting quality content.
My idea for Brent Crude is a LONG position. This is based on technical analysis, however the fundamentals are a little bit unclear for the time being.
The Brent price per barrel has bounced off the support line drawn at the $71.00 levels. This has acted as a major support/resistance 4 times in the past year! Could this be a reversal into bullish sentiment?
Due to minor uncertainty in the fundamentals, I will be placing a Stop Loss just under this support level to protect myself from risk.
Losses can exceed initial deposits when trading in the various asset classes. You can manage your losses by using smart risk management. Identify your Entry, Take Profit and Stop Loss levels before you enter a trade.
My idea for Brent Crude is a LONG position. This is based on technical analysis, however the fundamentals are a little bit unclear for the time being.
The Brent price per barrel has bounced off the support line drawn at the $71.00 levels. This has acted as a major support/resistance 4 times in the past year! Could this be a reversal into bullish sentiment?
Due to minor uncertainty in the fundamentals, I will be placing a Stop Loss just under this support level to protect myself from risk.
Losses can exceed initial deposits when trading in the various asset classes. You can manage your losses by using smart risk management. Identify your Entry, Take Profit and Stop Loss levels before you enter a trade.
Trade closed: stop reached
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.