Brent Sell Stop at $78.00
Brent crude prices are unlikely to sustain levels above the key resistance at $78.00-80.00 per barrel. Following a 10.0% rally to $82.78 in the first half of January, driven by new U.S. sanctions targeting Russia’s oil sector, the market now appears primed for a pullback.
Prices have returned to the trend resistance zone at $79.50-80.00 per barrel. Should the pullback persist, Brent crude may re-enter a downtrend, effectively closing the door to further upside opportunities if it drops below $78.00. While there are still prospects for upward movement, current conditions make short trades particularly risky at this stage.
However, if prices consistently remain below the $78.00-80.00 resistance level, I plan to initiate a short trade, targeting an ambitious downside range of $69.00-71.00 per barrel. This trade will be set up following a retest of the resistance zone, with a stop-loss placed at $87.00 per barrel to safeguard against excessive market volatility.
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