AdrianRaymondFX
Short

Critical moment for Brent

FX:UKOIL   CFDs on Crude Oil (Brent)
1131 2 11
Brent prices recently retreated after testing a long-term bearish trend line (only visible on log chart). Technicals currently favor a bearish bias below $42, which is a previous support level . Renewed selling pressure towards the quarter's close would expose $38 and $36 as short-term targets. A break above $42 would suggest a change in market dynamics, which would likely provide for further support for currencies like the Canadian dollar             (see my related post below), Norwegian Krona, Russian ruble             , etc. A sharp decline in the US dollar             following next week's NFPs data would probably be needed to confirm a bullish dynamic for the start of the second quarter. Otherwise, it would be reasonable to maintain a bearish bias so long as price action below $42 supports that stance (absence of bullish candlestick reversal patterns).
Oil is going down, Thats for sure.
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No moments! Go down to 36. Then go up to 40. And only here at 40 there will be the critical moment. The target date - 21.04.2016.
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