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Brent Oil still looking like it will fall further

Brent Oil Chart December 5 2021

Last week we said that Brent Oil looks like it will fall further – it has but we still think it has further to go. Key levels and trend lines have now been broken which means that there is opportunity for Brent Oil to fall lower and bounce off one of two long term trend lines.

With this in mind we believe there will be a potential short entry this week or next with a 4:1 reward to risk ratio. However the entry zone is currently quite large so we will wait a few days before committing to any orders.

Now is not the time to risk a long and, as you can see from our Brent Oil Chart, we have pushed out our long entry zone out to January/ February 2022.

Brent Oil Chart December 5 2021
Brent Oil Forecast December 5 2021
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