Oil: bulls are preparing for the attack

Oil: bulls are preparing for the attack

2019-11-11 • Updated

Recommendation: BUY 51.5 SL 50.5 TP1 52.8 TP2 53.9.  

On the daily chart of Brent futures, "bulls" failed to overcome resistance at $54.42 per barrel. As a result, we got a rollback and formation of the short-term downward trading channel. There is a room for a decline towards $48 (the intersection of two trading channels + 61.8% of the last long-term "bullish" wave). At the same time, the odds for rebound from the $50-51.5 convergence area are quite high.

On the hourly chart of Brent oil futures, the quotes reached the support area of $50.66-51.08. At the beginning of the second decade of May, here was an accumulation of speculative longs and formation of 113% target of the "Shark" pattern. This allows bulls to recoup their losses.

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