In this briefing:
1. Brent Oil Fresh Short Levels and Macro Sequence into 2020
Brent’s rise from 52 support has so far fallen in line with a corrective rise that is starting to run out of steam. In this webcast we outline key pivot levels to buy and where we see a rally exhausting ahead of a fresh re test on lower support levels.
Oil peaked in line with our call for a macro top to form into October 2018 Oil Stall for Roll into Brent for a Final High . WTI and Brent Moving into Our Macro Peak Zone with a WTI 58 Target .
Oil remains a good barometer of global growth, which is set to slow into the summer and more so in 2020. Oil will also respond to a improved sentiment on China/US trade. Venezuela’s supply concerns failed to induce any real reaction as major players appear to be building short positions into strength. Tactically, oil is reaching for a minor new high and the failure to rally on potential supply constraints does play into a pending cycle peak.
We run through our tactical sequence as well as our macro view into 2020 (more bearish).
Get Straight to the Source on Smartkarma
Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.
