Brent Crude Oil - Trends of Support & Resistance
Here I have laid out historical trend lines that prove previous support, and resistance prices. Using technical analysis to predict the future price of Brent Crude Oil is only one variable to the equation. I believe that the most important factor for future price discovery will be the global fundamentals. The United states of America is coming up on a presidential election. This is very important for future production.
I have mapped out the price levels I expect to see resistance, and support. The orange horizontal lines are the areas I would take profits. Brent Crude is currently testing resistance between the price of 45-47 dollar range. Day traders and swingers (Lol) may be setting up for shorts going into the weekend. Long term, based on previous trends I would expect a push back up to the upper 86.00 dollar region.
This is not financial advice, and I am legally able to tell you what to do with your money. these markets are extremely volatile during the election years, and the rise of the fear factor pandemic. Trade safe, and use stop losses, and do your own research into the fundamental factor that will impact this asset.
"Ju$t Follow The Money Matrix."
I have mapped out the price levels I expect to see resistance, and support. The orange horizontal lines are the areas I would take profits. Brent Crude is currently testing resistance between the price of 45-47 dollar range. Day traders and swingers (Lol) may be setting up for shorts going into the weekend. Long term, based on previous trends I would expect a push back up to the upper 86.00 dollar region.
This is not financial advice, and I am legally able to tell you what to do with your money. these markets are extremely volatile during the election years, and the rise of the fear factor pandemic. Trade safe, and use stop losses, and do your own research into the fundamental factor that will impact this asset.
"Ju$t Follow The Money Matrix."
