I will stick with one type of charting and use all relevant forecasting within to see where Brent may be headed. This includes a pattern of an Inverse Head and Shoulders to vertical as well as horizontal counts as shown on the charts. I have chopped the chart due to the scaling effect and focusing on the most relevant part of the completed major pattern ( H&S bottom) and it’s potential effects going forward.
Firstly though, I will display the header/parameters of the chart should anyone wishes to duplicate and play with it at https://stockcharts.com/
Chart version 1 below, showing the target from H&S pattern which stands at $78.02 which is almost met. This may suggest a potential tea/coffee break at current levels may be warranted.
Version 2. Showing 2 Vertical and one Horizontal count with their relevant bullish targets.
Going from all the technical evidence on hand, it may be reasonable to assume that further gains with Brent can not be ruled out. One would need to drill things down on the candle/bar charts for further analysis if they wish.
Also, wishing all mums the very best on this mothers day.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.