Brent rejects February highs

Orlando Gutierrez

Updated:

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
avatrade
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Trade Now
8cap
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Trade Now
long
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
Trade Now
Etoro
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
Trade Now

Highly volatile unregulated investment products. No EU investor protection.

capitalcom
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
Trade Now
avatrade
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
Trade Now
avatrade
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Trade Now
Share with other traders!