On the other side, we have banks such as, BNP Paribus saying, “We see global oil demand growing by 1.4-million barrels a day in both 2018 and 2019".
This implies that global markets will remain sufficiently supplied which shouldn’t have a major impact on the Brent Crude price.
But what are the charts saying?
Let’s see the bigger picture on where Brent Crude is most likely to go and how you can profit from the next big move.
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Brent Crude is set to fly thanks to this triangle
Brent Crude has formed a falling wedge on the above daily chart. This is a technical pattern, which consolidates in a triangular formation, before it breaks out.
As the previous trend of Brent Crude was up, the wedge pattern in this case is known as a continuation pattern.
This simply means that when the price breaks out of the wedge, we could expect the price to continue up.
So where can we expect the price to head next?
The wedge is one of the easiest technical patterns to calculate its next target.
All you’ll do is look for the highest point of the triangle.
In this case, the highest point is drawn with a horizontal green line at $80.00 in the above chart.
This means we can expect the price to fly to the top of the wedge formation at $80.00.
Coincidentally, this aligns very nicely with the analysts predictions at $80.68. The only difference is that, as they say is, “charts don’t lie”.
This is why it is always best to hear the opinions of others but always go back to analyse the main chart.
By doing this, you’ll have a non-biased direction of where the price is more likely to head.
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How you can profit from the rise in Brent Crude
There are two main ways you can profit from this upside to come.
You can either directly profit by buying the Brent Crude CFDs and hold until it hits $80.68.
Or you can join Red Hot Storm Trader
where we’ll profit from the rise in oil companies, when the price breaks out. These companies include the JSE listed Sasol and SACOIL.
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