Brent: is there a bottom?
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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.
Trade idea
BUY 65.35; TP 66.40; SL: 65.05
Notice that to trade Brent, you need to choose BRN-20H in your MetaTrader.