Brent Crude: UKOIL Last long shot,ready to reverse here if wrongBrent Crude Oil UKOIL Last long shot with tight stops ready to reverse here if wrong
Right on key support at 62.18 with a low at 62.14. If this fails
here the entire wave from the lows is exhausted. At this
point, if seen, we switch from buying dips to selling rallies - it
will fall away to 61.15, bounce some and then likely fall away
to 59.44 and potentially much lower still.
This is the 4th strike on this parallel. Normally 4th strikes are
good with the parallel only usually losing its power on the 5th.
This means that Brent is a speccy buy here with stops under
62.10 for small 8 pip loss if wrong from here. And if we are,
then that lower parallel gives way and we then switch on a
sixpence to bear stance from bull, looking to sell off the
underside of the parallel if touched again with stops above
by 10 to 15 pips max.
