Trade: Short (after the breakout)
Target 1: $69.5
Brent price broke a global declining trend in 2021.
We expect Brent's price to reach at least 80$ in the middle term, but before that, it needs to cool down a little.
The price is moving in the declining channel and at the moment we expect it to reach the middle line of the channel at the $69-$70 range, as COVID-19 cases growth in China scares traders. A short trade might be opened only after a $73.2 level breakout.
Target 1: $69.5
Brent price broke a global declining trend in 2021.
The price is moving in the declining channel and at the moment we expect it to reach the middle line of the channel at the $69-$70 range, as COVID-19 cases growth in China scares traders. A short trade might be opened only after a $73.2 level breakout.