I am still bullish Brent for both technical and fundamental reasons. Fundamentally (and I am extremely oversimplifying this) am on the side who thinks 10-weeks restoration of the oil pipe/oil production is too ambitious and all a smoke screen.
Technically, the daily chart still tells me we should be bias on the LONG side and P3 Bullish activation happened yesterday (Price broke below Monday low)
I would warrant a long position now half the risk I usually put out and I would anticipate price would trade lower than yesterday's low around 61.500-60.500. If that happens, then my conviction to LONG Brent would increase and I would "bet" with the remaining risk I accommodate for this pair.
To understand the P3 activation, please find the link attached below (Monday with Tue/Wed Relationship)
Technically, the daily chart still tells me we should be bias on the LONG side and P3 Bullish activation happened yesterday (Price broke below Monday low)
I would warrant a long position now half the risk I usually put out and I would anticipate price would trade lower than yesterday's low around 61.500-60.500. If that happens, then my conviction to LONG Brent would increase and I would "bet" with the remaining risk I accommodate for this pair.
To understand the P3 activation, please find the link attached below (Monday with Tue/Wed Relationship)
