BRENT Takes a Breather; Downside Looms

Whilst Brean has rebounded from the lows I am seeking to sell into the resistance zone to anticipate a break to new lows over the coming week/s.

think forex brent

Brent trading Account?

At present we have a Bullish Piercing line pattern at the lows followed by a Hanging Man Reversal. Whilst the trend is clearly bearish and likely to break to new lows, price is currently correcting whilst it awaits the next catalyst.

For this trade setup to work I would prefer to see another [failed] attempt to move up to the 79.70-80.60 resistance zone, and open to the potential for this to take another few days to settle before losses resume. Also the 8 and 21 eMA’s have acted as resistance so we also need to be open to a retracement within this zone.

Therefor this is either one to keep in your watch list to monitor the D1 candles, or literally ‘set and forget’ a sell-limit within the 79.70-80.60 sell zone with a stop well above.

Targets could include the 77 swing low and MS2 support. A break below here would just be a bonus so may suit a trailing stop after scaling out around the previous mentioned support levels.

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