Brent Crude Oil is breaking resistance for a rally towards 70.00
Brent Crude Oil bottomed at the modified Pitchfork support-line near 27.00 and has since rallied nicely higher. Brent Crude Oil is now break the resistance-line from the May 2015 high at 69.59, which calls for a continuation higher towards 70.00, which also is where the pitchfork resistance-line is seen in mid-December 2017.
Depending on the price-action after the 70.00 target has been hit will determine, whether the rally from May 2015 only is a correction or a new impulsive rally.
For now let's concentrate on the rally higher to 70.00.
Depending on the price-action after the 70.00 target has been hit will determine, whether the rally from May 2015 only is a correction or a new impulsive rally.
For now let's concentrate on the rally higher to 70.00.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.