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.
Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.
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