Due to the economic crisis and the war conflict, Brent had started its upward trend, forming a bullish trend with the formation of higher highs and higher lows. Currently, being at support, we need to be aware of the fact that the resistance level needs to be breacehd in order to ascertain the further escalation on the brent.

The descending trendline is in formation but it needs to broken out in order for us to take the long trade. Other than this, we still need to await for the market to form its bullish formation.

There is no retracement on this setup as we are only looking for the break out buy from the trendline. 

EMA 50 is currently bearish. Once the trendline has broken out and the market starts to form its move up, we will have the EMA 50 flip towards the bullish side for its continuation.

RSI is at 36. It needs to go above the 50 level mark in order to align with the technical factors of the chart.

Longs on Brent after breakout from 89.40

Oct 26 2023