26 Mar 2015
Gains in Brent limited around $65 – RBS
FXStreet (Edinburgh) - According to Dmytro Bondar, Technical Analyst at RBS, the $65.00 area could cap bullish attempts in Brent crude.
Key Quotes
“A bearish flag pattern was negated by yesterday’s spike in price, which turned the near term view to a range ($50 – $64), but left the long-term view intact amid the monthly chart displaying a strong resistance layer at $62/64”.
“I believe that spikes will remain capped by $65 and the price will re-test the $45/42 support”.
“We therefore close the short trade flat for now and await further developments”.
Key Quotes
“A bearish flag pattern was negated by yesterday’s spike in price, which turned the near term view to a range ($50 – $64), but left the long-term view intact amid the monthly chart displaying a strong resistance layer at $62/64”.
“I believe that spikes will remain capped by $65 and the price will re-test the $45/42 support”.
“We therefore close the short trade flat for now and await further developments”.