The brent oil price is current just above $80 which is around $5 below our short entry zone which was hit almost a month ago. Looking forward our next low risk entry zone is still long. We are now able to calculate a narrower entry zone in terms of price and timescale.
We currently expect price to bottom between $73.00 and $73.50 around the 17th December – give or take a few days.
Before then, brent crude oil could find support at a nearby trend line intersection around $77.60 or above.
Those of you who are remaining short should have stops in place at the bottom end of the short entry zone.
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