BRENT Targeting $63

$65 is a pivotal level to keep a close eye on this week and could be a clear line in the sand for bullish or bearish setups.

brent

Think like Forex

The break below $65 could be the beginning of a Double Top which, if successful, would target $60. This would still keep us above the bullish trendline projected from the multi-year lows, making it a feasible target for the medium-term.

An alternative scenario is we are trading a bearish channel as part on ABC or Double Zig-Zag pattern which makes the $60 target less likely.

However going into today’s session we find ourselves below $65, which is a level likely to attract selling interest, with $63-$63.60 a likely target zone if we see enough USD strength from today’s FOMC minutes.

The plan here is to fade below $65 and target $63.50, using a break above $65.16 (Weekly S1) as confirmation of near-term strength to invalidate the trade.

Let’s get started...

Broker Rating Markets Available Fees Open an Account
Kawase Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 3.44 /5
(16 votes cast)
Loading...
Shares, Indices, Forex and Oil Spread From 0.1 and 0.2% Commission Visit Website
MaxFx Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.66 /5
(90 votes cast)
Loading...
Indices, Forex, Metals, Shares From 0.1 Raw Interbank Spread Visit Website
London Capital Group (LCG) Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 0.43 /5
(127 votes cast)
Loading...
CFDs - Foex, Indices, Stocks, Commodities, Bonds, Interest Rates Variable spreads from 1.2 and small 0.1 commission on Shares Visit Website
Risk warning: Your capital may be at risk. CFD trading is suitable for experienced traders and not beginners.