Trade Brent Crude Oil with Unum Capital.
To get started, email lester@unum.co.za
No, I didn't call the exact top, but we recognized the poor upside reward-to-risk and potential for a pullback. Scroll down to see the model reading at the time: "Expect a minor retracement"
Previous Post (Sunday 12 January): BRENT CRUDE OIL: 7-Week Bullish Reversal + Further Gains Pushes Commodity Near Short Term Overbought
What is the overall trend for Brent Crude Oil? The overall trend is bullish, but the market is currently nearing an overbought range.
What is the short-term price action reading? Aggressive buying is underway, but the market is overbought on the lower time frame. Consolidation or a minor retracement is likely.
What is the medium-term price action reading? Aggressive buying is underway, but traders should not chase the market higher. Look for an opportunity to short-sell back to the 8-EMA if there is an overshoot or failure to hold prior session range highs.
What is the long-term price action reading? A strong attempt at a bullish reversal is expected following a consolidation phase.
Previous Post: Strong price action over 2 weeks and a strong reversal in the 7 weeks since the 'Strategy Alert' (see below).
Previous Post: Strategy Alert: Brent Crude Oil
Wednesday 13 November 2024 (Time: 15h42)
Potentially Bullish: Inverse Hammer Candle Formation In Development.
Lester Davids
Analyst: Unum Capital
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