Brent may give a great trade

Brent may give a great trade

2019-11-11 • Updated

Trade idea

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.

Brent.png

Notice that if you want to trade Brent, choose BRN-19J or BRN-19K in your MetaTrader (File - CFD Futures).

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