Brent oil: trading in range

Brent oil: trading in range

Trade idea

SELL 60.30; TP1 59.65; TP2 58.30; SL 60.60

Brent oil has been trading sideways in the 62.00/58.00 area since the beginning of August. The price is currently at the upper Bollinger band and formed a candlestick with a long upper wick on the H4. In addition, the Stochastic Oscillator has crossed the signal line to the downside. Finally, the price is near the downtrend resistance line from April highs and the 50-day MA in the 62.00/61.80 area. All of it points at the likely correction to the middle and possibly to the lower border of the mentioned range.  

Notice that to trade Brent, you need to choose BRN-19V in your MetaTrader. 

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