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Long Brent @ 45.72/44.54 tgt 48.30/50.50 (CBV2016)

Long Brent @ 45.72/44.54 tgt 48.30/50.50 (CBV2016)

Crude Oil Brent ICEEUR:CBV2016

Possibly the price has reached its Daily Cycle Low on Friday, July 22.
Expecting rebound to 50.50 in the first decade of August.
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First buy limit activated @ 45.72 (DMA200)
Another buy limit @ 44.54 (162% fibo of wave C of W formation / major weekly support)
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Rationale:
MA200 reached (Daily close confirmation)
Diagonal triangle formed, Bearish wave likely completed
(Weak) Bullish Price/Oscillator Divergence + buy area reached (based on previous DCLs)
Daily Sentiment Index @ 35% bulls
Expected DCL on July 21-26
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Daily close below 44.00 next week invalidates this idea.
First warning sign if daily close is below DMA200 or 46.90 resistance stands.
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Safe trades!