Brent prices have fallen to support at $66.9 per barrel, which could be pierced through in the near term. After that, quotes would probably return to an area above the breached level.
The most ambitious long-term technical target for the crude grade is seen at $47 per barrel. It will likely remain out of reach for some time, but the market has already established a bearish trajectory. Therefore, opening sell positions on Brent could be considered more practical and less risky. For now, the key task is to properly break below $66.9. This would typically require the price to test this level multiple times from both sides to absorb limit orders and pave the way for a further decline. So, it is recommended to open a sell position from $68.6 per barrel, where resistance is expected to be tested. If Brent prices do not return to this level, a new resistance zone may form below $68.6, presenting another opportunity to open a favorable sell position.
The overall recommendation is to sell Brent from $68.6. Profits should be taken at $66.9. Stop Loss could be set at $69.8.
The volume of the open position should be calculated so that the potential loss (protected by a Stop Loss order) does not exceed 1% of your deposit. If your account balance does not allow opening a position of this size, it is better to avoid entering the market on this signal and wait for other trade options that meet low-risk criteria.
This content is for informational purposes only and is not intended to be investing advice.
