Hi traders, there haven't been many updates on Brent ccrude lately as we waited for the dust to settle after the drone bombings on Saudi Arabia's production plants.
Initially, the news caused a large spike in the price of Brent with most of the gains erasing lately. The spike caused a breakout above a falling channel, potentially initiating a new uptrend.
The current price action provides many buying signals. The price fell to the broken channel which now acts as a support, and the price has also reached the 61.8% Fib level, forming a strong reversal pinbar pattern.
If confirmed, we might enter with a buy position as we anticipate the probability of a retest of recent highs. Join our Telegram channel to stay up-to-date on our actions.
Initially, the news caused a large spike in the price of Brent with most of the gains erasing lately. The spike caused a breakout above a falling channel, potentially initiating a new uptrend.
The current price action provides many buying signals. The price fell to the broken channel which now acts as a support, and the price has also reached the 61.8% Fib level, forming a strong reversal pinbar pattern.
If confirmed, we might enter with a buy position as we anticipate the probability of a retest of recent highs. Join our Telegram channel to stay up-to-date on our actions.
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