Recommendation: LOOK TO BUY
Current Trend: Short-term sideways. Med-term up.
Strategy: Buy a close above line 3.
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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