Is the bottom in place for brent oil and if it is, what is the upside? We’ve made good profit from Brent Oil in the last 2 months because we understood the trend and we managed our risk accordingly. Things are now not so clear as the last spike down broke some key trend lines and the current move up is now slightly higher and faster than expected.
So where do we go from here and how can we identify and manage a low risk/ high reward trade?
Our calculations show that, if brent oil manages to exceed $76.9 (ish) then there is a good chance a bottom is in place (not certain though). If this occurs and we can hit and confirm one of our trend lines next week then there could be an interesting opportunity for a long with a minimum reward to risk ration of 4:1 – it could be significantly higher for those wanting to hold brent oil for the longer term.
Time to sit back and carefully watch what brent oil does over the next few days.
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