Brent Long - Downtrend seems running out of power

As the price bounced back from the $52.70 resistance level and broke the upward trend (both trend lines!) short positions were favorable. The $50 price level is a strong support level, which may hold the fall of the Brent Crude Oil price. My guess is that the price will remain above $50 and as the price gets closet to support level long positions will be favorable. When the price will break the downward trend (red trendline) we will get the confirmation based on the analysis for taking our long positions.

Commentaire:

It seems that we are back on the track with long positions as it broke the downward trend. Further long positions are favorable from now on. It is possible that a correction will follow today's rally.