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TRADE SETUP ALERT 12/10/2020

BRENT CRUDE OIL (BRNUSD) Setup

Managed to break above diagonal resistance last week with an initial test of the 4H 200SMA failing and a second succeeding. Currently the Monthly Pivot @ 42.55 seems to be the area in the crosshairs for a re-test with the 4H 200SMA also converging there. This is also the neckline area of the new inverted head and shoulders that is currently in play. Be mindfull of price action below the 4H 100SMA as this could see price break below the Yearly S2 Pivot @ 42 and be the catalyst for a new bearish move.