Brent Crude Oil had a long run higher off of a bottom in June. When measured using the United States Brent Oil Fund ETF (BNO) the recent consolidation of that move shows signs of an impending break out and my money is on the upside. The Bollinger bands have gotten very tight and are now turning higher with a bullish and rising Relative Strength Index (RSI).
The Moving Average Convergence Divergence indicator (MACD) is also about to cross to positive, with the 50 day Simple Moving Average (SMA) only a few days away from crossing up through the 200 day SMA, in a Golden Cross. This is exciting for a long holder as it has a Measured Move higher to 100 on a break higher, with only 88 in the way.
United States Brent Oil Fund ETF (BNO) Daily
That spot is backed up the 3-box reversal Point and Figure chart (PnF) price objective of 103. And looking at the weekly chart shows the Median Line of the bullish (green) Andrew’s Pitchfork taking control and drawing it closer for a run higher. As it is also near the Upper Median Line of the bearish (red) Pitchfork, there is no wonder that some consolidation is occurring. But the RSI is rising and bullish and the MACD is positive and growing on this timeframe, supporting more upside. Wait for the break and get in on the ride.
United States Brent Oil Fund ETF (BNO) Weekly
Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Oil, Black Gold, But The Other One, Brent
Published 09/13/2012, 08:25 AM
Updated 05/14/2017, 06:45 AM
Oil, Black Gold, But The Other One, Brent
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