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 may give a great trade
2019-11-11 • Updated
BUY 64.70; TP1 66.30; TP32 68.30; SL 64.30
It’s not confirmed yet, but there may be an exciting trading opportunity you wouldn’t like to miss. Brent oil looks much bullish than WTI. It’s currently testing levels above the 38.2% Fibo retracement of the 2018 decline in the 64.00 area. The trendline from 2016, which used to be a support, now acts as resistance at 64.50.
It’s necessary to wait for Brent to close the day/week above this level. If it happens, then the inverted “Head and Shoulders” will allow targeting a big leap up to 66.40, 68.40 and even 70.00. Such advance will be possible if the United States and China find a compromise in their trade dispute and risk sentiment soars.
Make sure though that you don't enter this trade prematurely as we need a confirmation (a close above resistance) to make sure that the breakout to the upside isn't false.
Notice that if you want to trade Brent, choose BRN-19J or BRN-19K in your MetaTrader (File - CFD Futures).
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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