Trading the trend: long Brent crude
This week, IG’s Chief Market Analyst, Chris Beauchamp, goes long Brent crude at $82.70, with a stop at $80.00 and a target of $87.00.
(AI Video Summary)
Previous Chicago wheat trading outcome
Chris Beauchamp presents this week's "Trading the trend" for Wednesday, March 13th. Firstly, the previous trade made by Axel Rudolph is discussed, where he went short on Chicago wheat. Despite a sharp move and rebound, it appears that the downtrend is still intact. If the price closes lower in the next few days, it could indicate another decrease in the ongoing downtrend.
This week's trading opportunity
Despite a volatile performance in the past month, Brent crude has been improving since December and has consistently achieved higher highs and higher lows for the past three months. After a day of uncertainty, the price has continued to rise this morning. Therefore, it is suggested to go long on Brent crude at $82.70.
To handle the unpredictability in the market, it is advised to place a wide stop at around $80.00 a barrel (8,000 on the platform). This stop is set below the closing February low, which allows room for the trade to breathe. The target for this trade is expected to be around $87.00 a barrel, which was the price at the beginning of November.
Don't worry about the occasional ups and downs, as long as the overall trend is heading in the right direction. Just like making a clever investment, this trade requires careful analysis and strategic decision-making. And remember, IG is here to guide you every step of the way.
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