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Analysis Technical analysis

BRENT 08.06.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 72.017-71.775 and it is going to the target zone №2 74.442-74.200. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 69.665-69.423. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

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Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 69.665-69.423 (265 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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