Brent crude has recently found new short-term technical support between $64.5 and $64.9 per barrel. On the 15-minute (M15) chart, the price has tested this zone four times and came back up on each occasion. Although a breakdown below $64.5 is likely within the next 5–10 days, quotes may oscillate within this flat range for several more cycles. The best way to initiate a deal would be to start selling not at the current price, but rather when it rallies toward the local resistance at $65.8 per barrel. This entry level offers an improved reward-to-risk ratio, particularly given the outstanding gap ($65.8–$63.3) that the market will likely attempt to fill. If oil continues to cycle between $65.8 and $64.9, there will be multiple opportunities to open short positions.
Fundamentally, fuel is affected by two main factors: hopes for stability in the Middle East and a decline in activity and energy demand among industrial sector companies.
The ultimate recommendation is to sell Brent crude when it hits $65.80. Profits are taken at $64.90. Stop loss is set at $66.40.
Calculate your open position so that a potential loss (protected by a Stop Loss order) is limited to 1% of your deposit. If your account balance does not allow entering a position of this size, it is better to skip the trade and wait for other market signals that meet low-risk criteria.
