Brent Crude: UK OIL More upside still once 60.60 is breached
UK OIL: Brent Crude: The medium term trend remains positive whilst within the parallels
shown on chart, so whilst above 58 Brent looks to have more upside still, and should
go on to test the upper parallel at 63.30 once minor resistance at 60.60 is breached.
Will be looking to close down longs at 63.25ish and then wait to see price action develop
at 63.30-63.50 range - if we don't see an aggressive red candle emerge it means hedge
funds are still greedy for contracts and that upper parallel could yet get broken on the upside.
Don't think it will, but need plan B in case - only if 63.60 gets breached on upside and then Brent
comes back to test the upper parallel from above and then bounces back up through 63.60
will look to get long again for further strength up to 67.30 minimum. The next resistance
above here lies at 69.73. Any test of this latter level is likely to mark the ultimate high of this
run and if struck should present a good selling opportunity over the coming couple of
weeks. More as this move develops...
shown on chart, so whilst above 58 Brent looks to have more upside still, and should
go on to test the upper parallel at 63.30 once minor resistance at 60.60 is breached.
Will be looking to close down longs at 63.25ish and then wait to see price action develop
at 63.30-63.50 range - if we don't see an aggressive red candle emerge it means hedge
funds are still greedy for contracts and that upper parallel could yet get broken on the upside.
Don't think it will, but need plan B in case - only if 63.60 gets breached on upside and then Brent
comes back to test the upper parallel from above and then bounces back up through 63.60
will look to get long again for further strength up to 67.30 minimum. The next resistance
above here lies at 69.73. Any test of this latter level is likely to mark the ultimate high of this
run and if struck should present a good selling opportunity over the coming couple of
weeks. More as this move develops...