Short Term Outlook of Brent Crude Oil (20-DECEMBER-2020)

TVC:UKOIL   CFDs on Brent Crude Oil
An upside breakout of ascending triangle in the direction of prior trend, has been signaled by a penetration of the upper trendline on 17-Dec-2020.

The short term price target (USD54.84) is measured from the height of vertical line at the widest part of the pattern and extrapolated that distance from breakout point.

The target coincides with the earlier flag pattern target price (3-Dec-2020) which confluences with 61.8% extension.

Please take note that this analysis is meant for educational purpose only.


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