Brent Oil - Update

29 thg 11, 2020

This is edited idea to my previous Brent Oil posting: Brent Oil has enormously dipped from Feb to end of Apr, broken a valid uptrend line which has introduced a change in trend to bearish. The price moved to point F preceded by a exhaustion gap in Mar 2020. The commodity was then turned to the upside, filled the gap in Feb and recently closed above key resistance at 46 this week. Hence, the price could potentially rise further to Fibonacci level 1.618 at 60. We will look into price action at Fibonacci 1.618 to confirm continuation or reversal move.

Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.