Brent Oil Misses Bullish Momentum
|Brent Oil, in its 2-hour chart, is developing a bearish movement, which could drive the price to visit new lows.
Technically, in the mid-term, Brent Oil moves through an ascending channel. Once the price breaks over the upper line of the channel, Brent found sellers when it reached $67.03 per barrel on December 19.
A Position on the sell-side will activate if Brent Oil's price falls and settles below $65.96 per barrel. Our first downward target locates at $65.21 per barrel.
If price action increases the bearish momentum, Brent could plunge to $64.43, and even the bearish sentiment could drag to the price to $63.53 per barrel.
The invalidation level of the bearish scenario locates at $66.80 per barrel.
Trading Plan Summary
Entry Level: $65.96.
Protective Stop: $66.80.
1st Profit Target: $65.21.
2nd Profit Target: $64.43.
3rd Profit Target: $63.53.
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