24/06/2017
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Brent crude position ended the week giving back almost all the profits. Now sitting at 9 pips in the green.
However, on a weekly basis. This is the 5th straight week brent crude is falling. The question is: How much lower can Brent Crude prices go?
I strongly suspect that we might get a week or two of retracement/ranging prices. Before resuming the eventual bear trend. Fridays bull move looks like profit taking or even stop hunting to me. If my guess is correct, we will most likely see prices hit 46 or slightly above before crashing to around 44. As these are the areas I have identified as potential stop clusters.
Fundamentally, I have no explation for the bull move. With oil production and rig counts continuously increasing, I'd expect it to fall.
Us 30y Bond ended the week at 85pips profit. No comments here.
Im still on the lookout to enter short gbpnzd. Now identified 1.743 as the major resistence to break before considering an entry. Fundamentally, it still looks like uk is still weakening. Although exports rose due to the weaker currency.
____________
Brent crude position ended the week giving back almost all the profits. Now sitting at 9 pips in the green.
However, on a weekly basis. This is the 5th straight week brent crude is falling. The question is: How much lower can Brent Crude prices go?
I strongly suspect that we might get a week or two of retracement/ranging prices. Before resuming the eventual bear trend. Fridays bull move looks like profit taking or even stop hunting to me. If my guess is correct, we will most likely see prices hit 46 or slightly above before crashing to around 44. As these are the areas I have identified as potential stop clusters.
Fundamentally, I have no explation for the bull move. With oil production and rig counts continuously increasing, I'd expect it to fall.
Us 30y Bond ended the week at 85pips profit. No comments here.
Im still on the lookout to enter short gbpnzd. Now identified 1.743 as the major resistence to break before considering an entry. Fundamentally, it still looks like uk is still weakening. Although exports rose due to the weaker currency.
I look for value wherever it can be found