Brent rejects February highs

Brent rejects February highs

Key Support: 67.50
Key Resistance: 69.60 – 70.50

Long Term View
Brent has been very strong in its recovery from the Pandemic lows that took oil prices negative (WTI) the reason Brent was not that affected is because Brent future contracts are settled in cash.

Fundamental view
With the reopening of the economies and air travel, the demand for crude oil products is rapidly rising whilst the supply remains capped. This makes for a bullish pressure in this market and here is where we want to get in.

1H chart Analysis
Yesterday Brent prices fell 5.40% from the highs breaking the short term bullish structure and trapping mid to long term bears in the process.

Today we saw a 4H candle reject the February 25th highs to give us the setup to go long at the break of the 68.10 level. No divergence is detected but the confluence of those highs plus the weekly pivot and the 38.2% retracement of the last bullish move is confirmation enough of a possible bullish continuation at the break of today´s structure

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Author : Orlando Gutierrez

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