Brent Crude Panic Update! for 16/09/2019

#Dax With Fireworks Night coming early for Saudi, there’s a fair chance our recent gloomy outlook for #Brent is about to be turned on its head. With the Kingdom losing 1/2 its production capacity, early news it hopes to regain 33% on what’s left still leaves a huge hole in production and it’ll be reasonable to expect oil prices to react.

At present, Brent is trading around the 60 dollar mark, needing above the immediate downtrend at 63.45 to indicate something new is happening. In such an event, we anticipate some moves to an initial 65.80 dollars. Perhaps of more interest, if such a level bettered, we’re calculating 69.15 as “secondary” though, to be honest, the price of the stuff could accelerate to 73.92 and challenge the highs of April this year.

Above 73.92 and we’ll need take a further hard look at the tea leaves!

The reason for this is slightly strange but here goes. If a price exceeds the high achieved, once an up-trend has been broken, there’s a more than reasonable chance the trend break has failed, therefore giving the price an expectation of further recovery. Or in plain English, our doom and gloom expectation risks turning into a load of bollocks. In the case of Brent, if it now were to exceed 77 dollars for any reason, a cycle toward 111 dollars is a reasonable longer term expectation.

For now, to justify concern in another direction, the price of Brent requires drip below 56.50 dollars. (if we are to trust the revised Grey uptrend since 2016)

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

12:01:16PM

BRENT

59.7

58.53

57.11

55.02

60.1

60.36

60.96

61.77

59.11

12:04:40PM

GOLD

1489

               

Shambles

2:05:12PM

FTSE

7335

               

‘cess

2:11:45PM

FRANCE

5646.5

               

2:14:14PM

GERMANY

12457

12400

12386

12349

12463

12497

12514

12542

12445

2:16:34PM

US500

3006.12

               

2:18:18PM

DOW

27214

               

2:20:16PM

NASDAQ

7884.39

               

2:48:11PM

JAPAN

22054

               

Success

 

13/09/2019 FTSE Closed at 7367 points. Change of 0.31%. Total value traded through LSE was: £ 5,645,792,852 a change of -3.82%

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