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.
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