After a perfect bullish move Brent Oil has reached an area where is facing horizontal resistance, downtrend resistance and it is at the upper end of the uptrend channel.
I am foreseeing the price to come down to the lower end of the channel, at around 64.6 area where it will also be the lower end of the channel.
On the 4H chart I want to see a break of structure, marked by the black line, before going short. If the price holds above it might signal a price compression and that is a bullish signal.
I am foreseeing the price to come down to the lower end of the channel, at around 64.6 area where it will also be the lower end of the channel.
On the 4H chart I want to see a break of structure, marked by the black line, before going short. If the price holds above it might signal a price compression and that is a bullish signal.
Comment:
Still hovering below resistance. Idea still in place. On my watchlist for next week