Brent Crude is trapped in a Channel Down formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 71.2242 is expected in the short term.
Related Posts
A final push possible on Silver Spot as it starts approaching a price line of 32.1445.
A strong support level has been identified at 32.1445 on the 15 Minutes Silver Spot chart. Silver Spot…
Could a large bullish move on US Oil be a sign of things to come?
US Oil hits 59.9475 after a 5.63% move spanning 18 hours.
A possible move on Natural Gas as it heads towards resistance
A Rising Wedge pattern was identified on Natural Gas at 3.4205, creating an expectation that it may move…