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Technical Trade Note Brent Crude Oil

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Barry Dumas
Brent-Crude-Technical-Take

Trade idea on BRENT CRUDE OIL (ICE)

The oil prices have swung wildly the last couple of days and with the U.S pulling out of the Iran nuclear deal we can expect the volatility to continue.

We saw the Oil futures rebound quite dramatically from Tuesday evening with Brent Crude climbing 2.4%, to $76.67 a barrel, after closing down 1.7% to $74.85 a barrel on Tuesday.

Note: The U.S Crude Oil inventories will be released this afternoon at 16:30 South African time. A draw of -0.719m barrels is expected and volatility in the price of Brent Crude Oil (ICE) is projected.

Expected: as seen in the chart there might be an initial pull back before the price just pushes higher to the target price of $81.61. Also note that I have increased my risk on the trade to leave room for the price volatility and clients should stick to their risk plans.

Full trade summary below:

Trade: Brent Crude Oil (ICE)

  • Entry (Buy): $77.36
  • Stop loss: $73.09
  • Target price: $81.61

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