Brent Crude: bouncing along support at 74.90
The intraday chart of Brent Crude is bouncing along support at 74.90 (B). This level is now slowing the downtrend that has dominated Brent's 15-minute chart since the break lower through 77.06 early in Tuesday's session. The Channel Down pattern that formed due to market weakness has stalled as the bulls support the 74.90 level, creating the base from which a potential breakout could trigger should prices rally through 75.40 (A). A break of downtrend line resistance would not only trigger a Channel Down reversal, but - based on Autochartist's three-bar Initial Trend reading - the entry strategy would be an Autochartist Initial Movement/Momentum (AIM) buy.
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Trading strategies are partly determined by the pattern alert itself; how the entry will be triggered and what the entry will be, however, is based upon the Initial Trend reading. Initial Trend measures either the strength of the trend or the volatility of a sideways market. In this case, a three-bar Initial Trend reading indicates that the market is moving sideways with low volatility. If the reading were four or five bars, it would still indicate a sideways market, albeit a more volatile one. Since this 15-minute Brent market is moving sideways with low volatility, the AIM entry will capitalize on any momentum that takes prices higher through the pattern's top line. Use the Autochartist Breakout reading to confirm the degree of momentum behind the move - six bars or greater is what you're looking for. A positive MACD Histogram reading is another way to confirm the breakout buy entry.
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