The rally has failed on Brent oil. Many commentators are blaming the movements on the new Covid variant but the rally was breaking down well before then.
We exited our long trade at $79.8 and we now have 2 targets which we are considering for long entries in December 2021.
One target is at around $70.8 near the middle of December and the other around $68.2 just after Christmas.
Over the coming weeks we’ll watch how crude oil moves carefully which should enable us to target a more accurate low risk/ high reward trade on oil. Until then it’s best to stay clear of oil as it’s far too risky to enter new positions.
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