Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Brent: is there a bottom?
2020-01-20 • Updated
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.
BUY 65.35; TP 66.40; SL: 65.05
Notice that to trade Brent, you need to choose BRN-20H in your MetaTrader.
It was an intense week across all the markets! We saw decent movements of major pairs, gas, stock indices, and oil prices. What should we trade this week? Time to check!
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