24 May 2013
Flash: Brent looks bullish - Nomura
FXstreet.com (Barcelona) - Nomura strategist Saeed Amen has taken a look at Brent Crude from a technical perspective and believes that it looks bullish ahead.
Looking at a daily chart, he notes that spot is lower on the week and he is flipping to a bullish view. He sees that bandwidth is very low which suggests that spot is likely to range and we could see a retracement back higher. He writes, “There was also a hammer candlestick yesterday, which is indicative of a low. The RSI has also stalled indicating a short-term low has been reached. Our target is 103.26 (20D SMA).”
Looking at a daily chart, he notes that spot is lower on the week and he is flipping to a bullish view. He sees that bandwidth is very low which suggests that spot is likely to range and we could see a retracement back higher. He writes, “There was also a hammer candlestick yesterday, which is indicative of a low. The RSI has also stalled indicating a short-term low has been reached. Our target is 103.26 (20D SMA).”