Brent Oil: Potential for a bounce, or...
Potential Scenarios for Brent Oil
Today was a minor hammer at the 50-days SMA and the rising trend line. We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.
So, one scenario is to speculate on the resumption of the bullish trend, where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00
Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..
Good luck
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My best regards
Technician
Today was a minor hammer at the 50-days SMA and the rising trend line. We could see a bounce here for a retest of 63.90 broken support, which might turn into resistance.
So, one scenario is to speculate on the resumption of the bullish trend, where a break back above 64.00 and the minor falling trend line for the recent correction would be another confirmation signal, towards 68.00-70.00
Alternatively, a break below the rising trend line and the 50-days SMA may call for further downside, and a first downside target at 53.00..
Good luck
Subscribe to my trading portal thefxchannel.com/ ,
My best regards
Technician