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Brent Crude Oil May Contract - Forecast by Daytradeideas.com

Brent Crude formed a bullish inverse head & shoulders as hoped & we made it all the way to our measured target of 111.20/50. We suggested to exit all longs here & try shorts with a stop above 111.95. The market has now topped at 111.79 so this has all worked perfectly for the second time.

We broke support at 110.40/30 & fell as far as 110.10. Today 110.00/90 could hold the downside again but be ready to go with a break lower looking for 109.55/35. We should see a good bounce from here but longs need a stop below 109.00.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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