Brent Oil Misses Bullish Momentum

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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