Pepperstone
Long

Break above neckline may see 'Oil Rise as high as $74'

FX_IDC:USDBRO   U.S. DOLLAR / BRENT CRUDE OIL
Trade set up
‘Buy long’ on daily open with caution as current price closes above the 10day EMA with stops below the recent daily close or those with higher risk appetite, a close below the 10day EMA .
Target levels of 64.30 followed by the 50% retracement of the previous major move around $68.30 and looking to add to our position as price make a new higher-high above $63.00.

Why we like it
With recent US government sanctions imposed on Venezuelan state-owned oil firm PDVSA, we saw a strong rise in oil prices which continues the pressure from the bulls looking to send oil higher.
Technically speaking, recent MACD crossover and oversold RSI may be an early indication of a change in trend as price looks to have found support with a potential ‘Head & Shoulder pattern’ also in play. One could argue a break above the neckline could see oil rise as high as $70-$74 with the shorter-term outlook ranging between $64.30 and $68.60.
That said, a close below the 10Day EMA and furthermore, a break below the recent support level could see the end of this short term rally.



Disclaimer.
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment. Pepperstone Group Limited is licensed and regulated by the Australian Securities and Investments Commission (AFSL 414530). Pepperstone Limited is authorised and regulated by the United Kingdom Financial Conduct Authority (FRN 684312). This information not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
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Disclaimer.
Trading leveraged products carries a high level of risk and may result in you losing substantially more than your initial investment.
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