Brent Crude Fibonacci 0.382 extension is at 17.75
Brent Crude might have found interim support just ahead 17.75 levels. Since WTI Crude prints 0.01 yesterday, there is only one technical level to be cleared and it is 29.11. Another benchmark for Oil is Brent Crude and we have presented a monthly log chart. Structurally Brent Crude has been in a multi-year corrective wave since 147/50 in July 2008. An A-B-C corrective wave seems to have completed close to 18.00 or might be completing around 16.00 going forward. The recent wave structure from 71.00 highs on January 06, 2020 until today's low at 18.00 is an impulse (5 waves). It has hit the fibonacci 0.382 extension around 17.75 levels which is still a valid 5 waves down. We need to see a clear break above 36.00 levels to confirm a low is in place though.
Strategy:
Remain flat for now. Allow a break of 36.00 levels first and then look to buy on dips.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.
Strategy:
Remain flat for now. Allow a break of 36.00 levels first and then look to buy on dips.
Legal Disclaimer: This article is not investment advice. The data provided is for marketing material purposes and is not intended to confuse nor guide our clients on trading decisions. Any investment activity performed is perceived to be a self-directed decision. Exclusive Markets is not liable for losses that may occur because of a decision made after reading the information published on our research page or any other media.
Risk Warning: Trading the capital markets is risky therefore further knowledge and experience may be required. Apply appropriate risk and money management always and ensure the implementation of safe leverage.