Brent may fall to $50
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Trade idea
SELL 55.70; TP1 53.00; TP2 50.50; SL 56.90
Oil is an asset that can move in one direction without significant corrections for a long time. Brent fell below 56.80 last week (50% Fibonacci retracement of the 2016-2018 advance; 200-week MA, 50-month MA). As you can see, a lot of important levels converge in this area. As a result, it will act as strong resistance. There’s a divergence in oscillators on D1, signaling that the commodity is oversold and may try to pull back up. However, a recovery towards 56.80 will likely attract more sellers. Downside target lies at 61.8% Fibo at 50.00.
Notice that to trade Brent you need to choose one of the following CFD charts:
