BRENT OIL (UKOUSD) – BUY STOP- 2nd September 2021

BRENT OIL (UKOUSD) – BUY STOP- 2nd September 2021 (Closed)

Good evening team,

We are turning our attention to commodities rather than currencies tonight as we are still in the bullish camp. We will take a fresh look at the DXY tomorrow leading into the NFP and unemployment data.

Brent Oil has set up an inverted head and shoulders structure suggesting further upside should occur. However, I would like to see a larger move to the upside before entering.

Brent Oil – 1 Hour Chart

Trade Setup: BUY STOP, entry price 73.30, stop loss 71.80 and take profit target 76.30

Stop loss: 150 pips

Take profit: 300 pips

MT5 codes: XBRUSD or UKOUSD

Trade Setup
BUY STOP

Entry
73.30

Take Profit
76.30

Stop Loss
71.80