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Brent Crude Oil Forecast Update: March 19 2021

Brent update March 19 2021

Brent Crude Oil Forecast Update: March 19 2021. Last month we forecast that brent would find a short term top at around $69 which would give our followers an opportunity to short towards our forecast “long entry zone” which we expect to be hit in May 2021.

So far, so good. Our short entry zone has been hit and Oil turned down at just over $71.

Brent Crude Oil Chart March 19 2021

Oil is now finding support on what could become a “confirmed” trend line – as a result it may be worthwhile derisking any short positions which were taken when oil hit our “Index Setup”.

Oil is heading back into “no mans land” so now is not the time to take new positions.

Any moves back up to our short entry zone could be an opportunity to re-short with a tight stop but our main focus is now to wait for the next long entry.

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As always our posts are not investment advice. If you wish to trade or invest based on our analysis you should do so with great caution and consult your financial adviser. Remember never to invest or trade more than you can afford to lose.