Brent Oil – 05.09.2016
Note: Our price target was hit on 08.09.2016
As you know Russia and Saudi Arabia made an agreement to create a stabilisation in the oil market. After that Brent Oil prices went up to $50. It is trading at $47.50 at the moment.
Under these circumstances what kind of scenarios shall we expect from the Brent Oil prices?
We believe lower $47 level is a good buying point as the price can try to break the $50 resistance in a few days. Yet we don’t believe it will go above $50. Hence it can create good opportunities to short Brent Oil at around $50 level.
This cannot be considered an investment advice!!