Brent: is there a bottom?

Brent: is there a bottom?

On the W1, Brent oil formed a bullish “hammer”. The pattern appeared near the 50-week MA (64.80). This week opened with a gap to the upside – the market is optimistic about the demand for the commodity after the US-China trade deal. By applying the Fibonacci tool to the January decline, we get the upside targets at 66.40 and 67.25. Corrections to the support in the 65.35/10 area represent potential buy opportunities.

Trade idea

BUY 65.35; TP 66.40; SL: 65.05

Brent_OilH4.png

Notice that to trade Brent, you need to choose BRN-20H in your MetaTrader.

Similar

AUD/JPY may fall further

AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.

Oil is testing support

The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.

oil

Latest news

AUD/JPY may fall further

AUD/JPY is in the downtrend since the start of the year. It was capped on the upside by all the three important moving averages on the D1.

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