Brent Oil is in an up trend.
Chart below:
Price has pull back from the highs and formed a double bottom.
There is also divergence between price and the Oscillating indicators.
Chart below:
Price has this morning broken back up through the averages and pivot points and I am looking for a long position as detailed below.
Levels and chart below:
1st Entry: 109.10
2nd Entry: 108.80
Averaged Entry: 108.95
Stop Loss: 108.40
1st Target: 111.70 (5%)
2nd Target: 117.00 ( Previous high) 14.6%
I will update again should the position be opened.
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