On the daily chart of Brent, there is a consolidation in the range of $53,75-57,25 within the ascending trading channel.
The bulls will continue to keep the situation under control until prices fall below support at $48.
On the hourly chart of Brent futures, there is a formation of the “Splash and ledge” pattern based on the 1-2-3. The combination of this pattern with the “Three Indians” pattern is a serious reversal formation. A breakout of the support at $53.75 can lead to the correction towards $51. In contrast, a successful test of the resistance at $57.37 will increase the likelihood of the restoration of the “bullish” trend.
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Recommendation:
BUY $57,37 SL $55,45 TP $60,8,
SELL $53,75 SL $55,45 TP $51.
Origin: FX BAZOOKA
