I'm waiting for a small retrace to enter.
I will close the Long at Resistance around $80.
I'm bullish on Brent to go further but I will wait for confirmation with brake out of area resistance and break out of down trend line above the area for another Long.
I will close the Long at Resistance around $80.
I'm bullish on Brent to go further but I will wait for confirmation with brake out of area resistance and break out of down trend line above the area for another Long.
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Brent crude futures steadied near
81
per barrel last Friday but was still set to lose more than 6% this week, erasing most of the OPEC-driven rally amid lingering concerns about higher interest rates, slowing global growth and softening energy demand. The US Federal Reserve will likely deliver another 25 basis point rate hike in May, while the European Central Bank is expected to raise borrowing costs at least two more times this year. A key Fed report also signaled that the US economy has stalled in recent weeks, weighing on risk assets and energy demand prospects. Moreover, the market shrugged off comments from a US official who said that the government could start to replenish the Strategic Petroleum Reserve in the third quarter. Meanwhile, investors remain cautious as OPEC+ is set to reduce output next month, with expectations of a rebound in Chinese demand also supporting oil prices.
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