Brent Crude Oil / US Dollar Swing Trading Opportunity

Brent Crude Oil / US Dollar recently saw an 18 day decline from a high of $56.62 to $49.59, resulting in a net decline of -$7.03, or -12.42%. Brent Crude Oil / US Dollar is currently sitting at $50.75, acting as a previous level of resistance, wherein the price was implicitly rejected 3 times in the months of May, July and September of 2016. A new level of resistance has been created at the $52.84 price, wherein the price was explicitly rejected twice, back in May and September of 2016. Brent Crude Oil / US Dollar also saw consolidation at the $50.75 dollar area back in March of this year. If Brent Crude Oil / US Dollar can hold the $50.75 level of support, eventually break the $52.84 level of resistance, and momentum continues to grow, one can look to enter a multi-week long position in Direxion Shares ETF Trust - Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 3x Shares (GUSH). Please trade with caution, and do your own Due Diligence.