The Brent Crude Oil price could continue to rally in line with the risk on markets. If so, what do we need to see for long opportunities?
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The monthly time frame on Brent Crude Oil shows the price in a long term uptrend ever since hitting the lows in February 2020. The long wick on the current month candle suggests buyers are still active which could lead to another impulse higher.
If the price is going to form another impulse phase in the monthly uptrend we need to see the market form higher highs and higher lows on the daily.
Daily Time Frame
As we can see on the daily time frame we are starting to form a strong bullish candle after a shallow retracement phase.
This indicates that we have a strong uptrend forming. If the price continues to trade higher we can look for long positions on the retest of swing highs.
4hr Time Frame
The 4hr time frame is showing that price is breaking out of the highs and the consolidation zone.
If the price can retest this zone and form bullish price action we could look for a short term long opportunity in line with the daily impulse phase.
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