Brent Oil Futures Break Resistance. Will Brent Find Acceptance Here?
Brent futures broke through a significant level last week and are presently trading at a potential demand level. The fundamentals and pundits are still screaming a further bear market on this but it might be worth looking at where price could potentially go to given the recent price action.
The chart below shows a longer term view on Brent. We could have a potential ABCD pattern completing into the 69.50 area. This level is interesting as we have previous historic demand here from mid 2010 with the lows made where buyers came in (and old lows can become new highs). There is a strong bear candle from the start of December 2014 indicting some supply there a the time.
Bitcoin – Will The Bears Reload?
The lows have held last week on Bitcoin and we have seen some corrective price action with a potential ABCD pattern forming into some interesting price structure.
The recent lows/demand zone at around 234.50 may see some shorting here. The strongly bearish candle from the start of April has also tipped the hand of the bears.
For now, the lows at 213 and the recent supply at 232 to 234.50 seem to be the levels to be aware of on this instrument.
Risk On Tap For The Week
- Mon 20 Apr: RBA gov speaks
- Tues 21 Apr: Monetary Policy Meeting Minues
- Wed 22 Apr: CPI
- Tues 21 Apr: German economic sentiment
- Thur 23 Apr: French manufacturing PMI
- Thur 23 Apr: German manufacturing PMI
- Fri 24 Apr: German business climate
- Fri 24 Apr: Euro-group Meetings
- Wed 22 Apr: MPC official rate votes
- Thur 23 Apr: Retail sales numbers
- Thur 23 Apr: Unemployment claims
- Fri 24 Apr: Durable goods orders
Which ever way you think these markets are going to go, you can play them risk free with SparkProfit.
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