Trading the trend: long Brent crude oil
As the Brent crude oil front month futures price nears significant support we would like to go long with a stop loss at 80.45 and an upside target slightly below the 90.00 mark.
(AI Video Summary)
Previous gold, USD basket and NY sugar trading outcomes
In this week's "Trading the trend" segment, Axel Rudolph reviews recent trading strategies and outcomes. The strategy of going long on spot gold, which initially traded at $2,333 per troy ounce, saw a profitable rally, advising traders to either cash in a $40 profit or adjust stop losses to protect gains.
The strategy to short the US dollar basket has recently turned profitable, recommending traders adjust their stops for a risk-free position.
The New York sugar trade, re-entered by going short after an initial stop-out, also suggests readjusting to a break-even stop loss due to anticipated further declines.
This week's trading opportunity
Additionally, a new opportunity to go long on Brent crude oil front month futures is highlighted, with buying advised near current levels with a strategic stop loss at 80.45 and an upside targetjust shy of 90.00, capitalising on the recent downtrend nearing significant support levels.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
Live prices on most popular markets
- Forex
- Shares
- Indices
