Trade Of The Week: Long Brent Crude Oil

Axel Rudolph : Hello and welcome to "Trade of the week" on Monday the 9th June, 2025. And today, what I would like to do is to go long Brent crude oil because if you look at the daily chart, what we can see is that we are heading towards resistance. It's been a sideways trade for much of the month of May, but that, to me, looks corrective.

And I do believe that with the last upswing we saw last week, we could be heading higher. Plus, if you look at the short term resistance, you can see here that we are basically, we've broken through this resistance here. Didn't quite take it out. And then on Friday of last week, we actually went above this resistance, our last reaction high. So, I do believe we will see further upside.

Ideally, you would have a stop below the lows seen on Wednesday 4th June, but that's quite tight. If you can, you can have a wider stop taking it all the way down to the late May low. But to me, this looks as if, yes, we are going to at least test the upper boundary of this resistance area here, which ties in with the early March lows. And if we manage to break above there, we could potentially be heading back up again towards the $74.00 area or so on Brent Crude oil.

So, I want to mention also last week's New York sugar trade. Basically, if you look at that, unfortunately stopped us out. And that's why we only risk 2% of capital on each trade. You can see, I told you here about all this support going back many years and I was expecting it to hold, all these previous lows here. And our stop was just below the January low.

But unfortunately, as you can see, we did get stopped out on an intraday basis. And, basically that trade has lost us 2%. And now the sugar price is going back up again. So, if you are still long, perhaps having a stop below the low seen on Friday here might be an option for you. And we may still head higher, but right now, it does look as if we've got stopped out on that one.

Let me go back to Brent Crude oil, today's "Trade of the week". What I would like to do is to go long Brent crude oil and the reason for that is technical. We've taken out a minor resistance line. It looks as if momentum is pointing upwards again.

And if we do so, we need to have a pretty tight stop, probably below the low seen on the 4th June. And that, on the Daily Financial Bet (DFB), comes in at $64.13 and I have an upside target of around $73.00 for that trade.

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