ukoil 1 hour chart distribution tp 65 usd / bbl

🔸Today let's review the 1 hour chart for brent oil . Previously strong downtrend in
progress entire 2023 so outlook remains bearish until we can daily close above 80 usd.

🔸OPEC production cuts have low impact on prices recently due to lower global
demand. Technically, we are in a distribution pattern setup since May 2023 and expecting
breakdown and new/fresh lows soon for Brent.

🔸Recommended strategy for crude oil traders: short-sell near market / short-sell rips
and rallies, limited upside and final TP bears is 65 USD. once we get a valid breakdown
of the structure expecting losses to accelerate in this market.

🎁Please hit the like button and
🎁Leave a comment to support our team!

RISK DISCLAIMER:
Trading Futures , Forex, CFDs and Stocks involves a risk of loss.
Please consider carefully if such trading is appropriate for you.
Past performance is not indicative of future results.
Always limit your leverage and use tight stop loss.