OIL Brent Crude Oil

TVC:UKOIL   CFDs on Brent Crude Oil
OIL under observation for possible LONG positions.
The indicator in my algorithm has shown good results in this last month on the Daily chart (blue rectangles in the original post on my blog).

This ticker has been ranging in a box between 53.00 and 56.85 (apart from a couple of false breakouts long) which suggests - together with macro indicators - that the price is being contained in that area.

The moving averages on Friday seemed to be pointing to the LONG side and a price confirmation would trigger the trade.
Another interesting indicator would be the breaking of the level at 59.00 which might potentially skyrocket the price in the area of the 67.00.

A box break Long would thus have a first cap at 59.00 whereas a break Short would meet a first support in the area of 49-ish and another further down to 44.5
Given the bullish sentiment for this ticker, even in case the breakout goes short at the moment I would aim at the first take profit, as it is currently not probable that the ticker depreciates down to the 44.

Prices refer to this chart and may vary with other platform/brokers.
I always discuss and follow up these ideas on my blog.