6.83% pop for Brent on Friday to close above 50
The key points from the above chart for Brent:
- The major trend is down
- The intermediate trend is down
- The near-term trend is sideways
- 50 was a key resistance point for Brent
- Brent needs to hold above 50 for a couple of days
- If Brent holds above 50, this will be the support reference point
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And the view from the weekly chart for Brent
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“Always trade in the direction of the major trend”
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