Technician

Brent Oil: Potential for a bounce, or...

FX:UKOIL   Crude Oil (Brent)
1757 2 25
Potential Scenarios for Brent Oil

Today was a minor hammer at the 50-days SMA and the rising trend line . We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.

So, one scenario is to speculate on the resumption of the bullish trend , where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00

Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..

Good luck
Subscribe to my trading portal http://thefxchannel.com/ ,
My best regards
Technician
SO what now? With OPEC in few days will cautious bulls bail out?
Reply
Hey, nice one :) if you're interested here are 2 possible scenarios, one longterm, and one for the next week :)

Brent, possible Gartley and Cypher, both bullish
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out