Brent Crude might have a top in place at $44.00
Brent Crude is looking to drop further towards $33.50 and $26.00 as the commodity carves a meaningful top around $44.00 handle. The earlier rally from $15.75 through $44.00 seems to have completed 3 waves at least. We can expect a minimum drop towards $33.50, which is fibonacci 0.382 retracement of the entire rally. Having said that, please do note that Brent Crude has got enough room to correct lower towards $26.00 (fibonacci 0.618 retracement) as well. Possibilities remain for a sideways consolidation before the next major move. Overall, Brent remains bearish below $44.00.
Strategy:
Short against 44.00, targeting 33.50 and 26.00
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:
Short against 44.00, targeting 33.50 and 26.00
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.