Oil may correct down

Oil may correct down

2022-06-06 • Updated

On W1, Brent oil formed a bearish candlestick with a long upper shadow. All things equal, it will be difficult for bulls to keep pushing higher immediately after such a pattern. In addition, the price failed to close above the 61.8% Fibo retracement of the 2018 decline at 72.80. In this area, there’s also the weekly pivot point. As long as the price stays below this level, it’s vulnerable for a bearish correction.

Brent.png

Notice that if you want to trade Brent, choose BRN-19M in your MetaTrader (File - CFD Futures).

Here’s a trade idea adjusted for the chart of the June futures contract:

SELL 71.50; TP 70.30; SL 71.90

brn.png

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