(Daily Timeframe Chart)
Brent Crude Oil
I am currently looking to buy (long) Brent Crude Oil (ICE) at $53.81 seeing as it has been breaking out of a triangle and the price has been moving higher from the beginning of June 2017. The price action can retrace back to the upward support line shown as red dotted line on chart before it moves higher again. I have left room for this retracement in my stop level at $50.65.
TRADE SUMMARY - BRENT CRUDE OIL:
- ENTRY: Long (Buy): $53.81
- STOP: $50.65
- TARGET PRICE 1: $56.63
Chart Source - Bloomberg
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
Barry Dumas | Trading Specialist at GT247.com
Disclaimer: Any opinions, news, research, analyses, prices, or other information contained within this research is provided as general market commentary, and does not constitute investment advice. GT247.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content contained within is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Want to trade CFD Equities, Forex, Indices & Commodities on the most affordable online South African trading platform?
GT247.com: +27 87 940 6101
IT support & help desk: +27 87 940 6107
Client relations (new accounts): +27 87 940 6106
Sales: +27 87 940 6108
