Brent crude trade idea, fundamental analysis and price forecast

Brent Crude

#BRN

EU countries plan to postpone the Russian oil price cap amid controversy. Analysts at JPMorgan are confident that the price of Brent oil will reach $101 a barrel in the 4th quarter of this year.

The descending wave structure is truncated. The Awesome Oscillator indicator shows bullish divergence, and the Stochastic Oscillator indicator signals oversold.

The deal is counter-trend. 

Trade idea:

Buy.

Stop Loss: 83.35.

Target levels: 87.40; 91.80.

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