The general excitement related to such energy resources as natural gas with the instability of the payment and supply of Russian gas to European countries and world redistribution of imports and export of blue fuel, while pushing black gold to the background.
After the rapid price hike of 35% from $95 per barrel to $129 in late February - to early March, Brent oil is traded within the range of $98 - $115.
And it seems that until some stability and clarity with natural gas appear, the side movement of Brent’s price remains.
Currently, the price for Brent is near the upper border of the interval. And it means that we may consider the short positions.
The lines of a Stochastic indicator have already left the overbought zone, and they are ready to cross each other again but in the zone of uncertainty, they still offer to sell, and this is consistent with the probable reduction of the price to the lower border of the range.
So, we may consider trading within the range of 98 - 115.
Possible options to enter and leave the market:
1. Sell Brent from the market at the current price.
Place the target orders Take Profit 1 and Take Profit 2 on the corresponding points 102 and 98.
You can protect the funds by the Stop Loss order placed above point 120.
2. Sell Brent in the situation of growth to the upper border of the flat. Place Sell Limit order by the price 115.
Also, place the target orders Take Profit 1 and Take Profit 2 on the corresponding points 102 and 98.
You can place the protection order Stop-Loss above point 120 as in the first option.
3. When the price reaches the borders 102 and 98, you can consider the long positions.
It means, we place the Buy Limit orders near these borders,
Place the target order Take Profit near the upper border 115.
Place the protection order Stop Loss below point 96.
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