In an article published in late July, named, “FxWirePro: Buy Brent crude targeting $59 per barrel on Saudi export curb and Nigerian ceiling”, available at https://www.econotimes.com/FxWirePro-Buy-Brent-crude-targeting-59-per-barrel-on-Saudi-export-curb-and-Nigerian-ceiling-821113 we recommended buying Brent crude to our readers at the then current price of $50.7 and at dips around $49 and $48.5with an initial target around $59 per barrel and stop loss at $45 per barrel.
In a subsequent article, named, “FxWirePro Call Review: Brent crude target extended from $59 to $65 per barrel”, available at http://www.econotimes.com/FxWirePro-Call-Review-Brent-crude-target-extended-from-59-to-65-per-barrel-914475 we noted, “The call is currently $5.7 per barrel in the money from the first call price and we remain optimistic about reaching the target. We can note that since our call in July, the Brent crude market has dipped further into backwardation, indicating higher supply crunch in the cash market” and extended the target for Brent to $65 per barrel with 50 percent profit booking advice at the interim target of $59.
Brent reached our initial target and declined over profit booking. In our next article, available at http://www.econotimes.com/FxWirePro-Call-Review-Brent-crude-likely-to-start-forming-support-base-below-55-per-barrel-930858 we urged our readers to continue the bull call expecting Brent to form support base around $55 per barrel area.
As anticipated, Brent has taken the support of the region and In October, and in a subsequent article, we extended the target for Brent from $65 per barrel to $68 per barrel.
After reaching $64.6 area, Brent has corrected over the past week or so, to as low as $61 per barrel. It has recovered somewhat since and is currently trading at $63 per barrel. Our calculations at FxWirePro suggests that the correction in the Brent is over and the price is once again ready to move higher. We would like to urge our readers to add long positions and those who are looking to play short-term can enter too with a target above $65 per barrel.
The oil market is currently awaiting OPEC/N-OPEC decision after the ministerial meeting on November 30th.
