Brent Crude Oil Forecast Update: February 21 2021

Brent Oil Update Feb 21 2021

Brent crude oil hit our short entry zone on the 17th February. If you follow us on Twitter you would have seen us tweet “We are interested in 6470 ish – on #Brent – within next few days” – it hit $64.88 on the 18th then fell to around $61.50.

Brent Crude Oil Index Setups through to May 2021

Our current cycle analysis combined with our indicators shows the potential of Brent Oil finding some support between current levels and $59. Depending on how it reacts to this support will determine whether it has another push up towards $69 in mid to late March before ending the current dominant cycle in May 2021 with a long opportunity between $53 and $56 dollars – it’s highly possible that oil will “not look back” after hitting this long entry zone.

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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.

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