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Brent Crude - New Breakout Potential

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Recommendation: LOOK TO BUY

Current Trend: Short-term sideways. Med-term up.

Strategy: Buy a close above line 3.  

 

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TRADE SUMMARY


  • Brent crude oil is in a well established uptrend. It’s currently pausing in a channel/triangle (lines 2 and 3). This is most likely a pause before it heads higher again.
  • Its short-term Stochastic is oversold, which is bullish.
  • Buy a close above line 3 i.e. above $64.40.
  • The target then will be $67.50, based on the triangle.
  • Place a stop-loss as a close below $62.40 (or if you want to give it more space, then below $60.90, which is line 1 support).
  • From $66.20 raise the stop to a breaking of its prior two-day low, to protect profits. 

 


 
 

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