BRENT CRUDE IMPORTANT SUPPORT LEVEL - WATCH OUT FOR A BUY
Hi traders, there haven't been many updates on Brent ccrude lately as we waited for the dust to settle after the drone bombings on Saudi Arabia's production plants.
Initially, the news caused a large spike in the price of Brent with most of the gains erasing lately. The spike caused a breakout above a falling channel, potentially initiating a new uptrend.
The current price action provides many buying signals. The price fell to the broken channel which now acts as a support, and the price has also reached the 61.8% Fib level, forming a strong reversal pinbar pattern.
If confirmed, we might enter with a buy position as we anticipate the probability of a retest of recent highs. Join our Telegram channel to stay up-to-date on our actions.
Initially, the news caused a large spike in the price of Brent with most of the gains erasing lately. The spike caused a breakout above a falling channel, potentially initiating a new uptrend.
The current price action provides many buying signals. The price fell to the broken channel which now acts as a support, and the price has also reached the 61.8% Fib level, forming a strong reversal pinbar pattern.
If confirmed, we might enter with a buy position as we anticipate the probability of a retest of recent highs. Join our Telegram channel to stay up-to-date on our actions.
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