Brent rejects the previous highs, demand weights

Orlando Gutierrez Learn 2 Trade

Brent retested the 43.50 level again early in London trading and sellers jump in to push price down (-1.8%) and is now retesting the previous highs around the 42.60 level. We are still trading inside a bullish structure (orange channel) and given the OPEC's outlook on global demand all throughout 2020 we believe that this is the make it or break it level (mid term) for a rally continuation in Brent

Key level to the downside: 41.30/39.10.

Key levels to the upside: 44.50/46.45.

Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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