Brent Oil: Potential for a bounce, or...
Potential Scenarios for Brent Oil
Today was a minor hammer at the 50-days SMA and the rising trend line. We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.
So, one scenario is to speculate on the resumption of the bullish trend, where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00
Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
Today was a minor hammer at the 50-days SMA and the rising trend line. We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.
So, one scenario is to speculate on the resumption of the bullish trend, where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00
Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.