Brent oil price analysis (17/07/18)

Brent oil is currently trading at 71.88 USD a barrel. This marks a correction of around 10% on black gold over the last week.

Looking at the charts, the BRNUSD instrument on the daily timeframe (D1) continues to trade within the upwards channel formed from the uptrend that started in the middle of 2017, i.e. about a year ago:

However, the price is currently undergoing a correction and the BRNUSD chart is once again testing the trend line.

I’d like to highlight the fact that the most recent high (high 2) on the D1 timeframe is lower than the previous high (high 1).

In my opinion, all of the above tells us that the uptrend on the daily timeframe is running out of momentum, so for now I would advise refraining from making any buy orders. Personally, I never consider opening positions counter to the trend.

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