Brent: volatility is shrinking

11 November 2022 127
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A triangle pattern is forming on the daily chart of Brent. Exiting from it could give an impulsive movement of 10-12%. The direction of the movement can be determined after a breakout of one of the triangle's borders.

 

As long as it has not been disclosed, it is possible to open positions within its range. The current growth momentum associated with positive inflation data may send oil to the upper boundary, namely to $99. There is also the Fibonacci level, which was written about in the last oil forecast.

Moreover, the news regarding the upcoming cancellation of Chinese lockdowns and Russian oil embargo will also stimulate the growth of the oil.

 

So it is more reasonable to open long positions on Brent now.

The growth scenario will be cancelled in case of the oil price going below $93.

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