Brent oil is at a key support and a key trend line which gives us a compelling opportunity to go long. This is “low risk” but certainly not NO RISK as a secondary support line comes into play under $76.0. We have entered the market long at 78.4 and have a stop in place at $75.4. If the market falls to $76 and makes a good bounce we will likely add to our position as we are targeting around $90 for this move.
If this move fails it is imperative stops are adhered to as the next long opportunity appears to be around $70 (or below).
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