Since August Brent has been in a downward trend, inside a channel.
Both RSI and the channel itself show strong signs of reversal. This trade is quite a risky one since we will be trading against the trend. After the resistance has been hit, be wary of a strong reversal in continuation of the downward trend. A stop-loss around $36 will minimize losses in case of mass lock-downs across the world.
With rising COVID cases across the world and looming economic shut downs, oil will remain under pressure for at least the remainder of 2020.
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Both RSI and the channel itself show strong signs of reversal. This trade is quite a risky one since we will be trading against the trend. After the resistance has been hit, be wary of a strong reversal in continuation of the downward trend. A stop-loss around $36 will minimize losses in case of mass lock-downs across the world.
With rising COVID cases across the world and looming economic shut downs, oil will remain under pressure for at least the remainder of 2020.
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If you like this analysis, please like, subscribe and comment.
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