Brent Crude Oil: Murray analysis 07 May 2018, 14:43

Brent Crude Oil: Murray analysis

07 May 2018, 14:43

Scenario
Timeframe	Weekly
Recommendation	BUY STOP
Entry Point	75.78
Take Profit	76.56, 78.12
Stop Loss	75.20
Key Levels	71.87, 73.43, 75.78, 76.56, 78.12

Alternative scenario
Recommendation	SELL STOP
Entry Point	74.60
Take Profit	73.43, 71.87
Stop Loss	75.00
Key Levels	71.87, 73.43, 75.78, 76.56, 78.12

On the daily chart, the price is trying to consolidate above the level of 75.00 ([8/8]). In this case, the price can grow to the levels of 76.56 ([+1/8]) and 78.12 ([+2/8]). Technical indicators are still reflecting the development of growth, Bollinger Bands and Stochastic are pointed upwards, and MACD histogram is growing in the positive zone.
However, the level of 75.00 is the upper border of the main trading Murray range, so the beginning of the downward correction to the levels of 73.43 ([7/8], the middle line of Bollinger Bands), and 71.87 ([6/8]) is possible.
Support and resistance
Resistance levels: 73.43 ([7/8]), 71.87 ([6/8]).
Support levels: 75.78 ([+2/8], H4), 76.56 ([+1/8]), 78.12 ([+2/8]).

Trading tips
Long positions can be opened at the level of 75.78 with the targets at 76.56, 78.12 and stop loss around 75.20.
Short positions can be opened at the level of 74.60 with the targets at 73.43, 71.87 and stop loss near the level of 75.00.
Implementation period: 5–7 days.