Brent: How to Trade OPEC Meeting
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What will happen?
On Thursday, August 12, during the day members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. More information about this meeting you can find in the related article.
In this article, we will discuss two possible scenarios for Brent price movement within the next 7-10 days.
Technical analyses
Daily chart
On the daily chart, the classic 1-2-3 pattern has formed, as:
- 1 Pivot point appeared after a strong trend movement.
- The price broke through the previous trend line and set the 2 pivot point
- The price could not renew the previous high (3 pivot point lower than the 1 one).
There are two trading options available for trading this pattern.
- If the price rises higher than the 3 pivot point ($75), it will move up to $82.5.
- On the contrary, if the price breaks through 2 pivot point level ($67.5), the target will be $60.