Brent - Nice Wedge, $60 or $75

FX:UKOIL   CFDs on Crude Oil (Brent)
Look at this price action on Brent. On the daily it is visible that the price is close to the 38.2 Fibonacci retrace and XA=BC. The PRZ (potential reversal zone) could be between 70 and $72, buuuut... look at the 240 min chart. Perfect Rising Wedge with a very interesting divergence on the MACD . And we should add the fact that $70 is actually an 127.2 expansion of XA.
Even though all these signals are bearish , I would still wait for a breakout below the trend line before selling. But even if the price will continue to rise, I think that $60 will be retested before breaking above $72, what do you think?
Starting to come down. Any updates on this chart?
Trend continues...bulls are still leading!
Bears are not yet strong enough
+1 Reply
Same thoughts I posted some days before on different resourse.
Main idea was wedge and MACD divergense, but I also respect Fibo.
One difference that I dont waited and open short at 66.77))
Maybe too fast, lets look and see
Razvan FankiDzhaz
66.77 is not bad price, but I hope you have a good stop. I think it could go a bit higher since bears are not yet acting.
+1 Reply
On friday was good bearish impulse, I would fix part of size on those levels, if I would be near terminal.
But it is as it is.
On media a lot of talks that there is a record quantity of long positions in oil, that calls with hihger strikes rise in price, so it seemed that a lot of people expected that oil will go higher. But looking at price action I see that bull getting weaker and weaker, so it's not too long to reversal point. Only some shock news can change this picture
+1 Reply
Razvan FankiDzhaz
I didn't know about those longs. If so, be careful. I've seen some nasty wedges (like this one), which sent the price straight up.
+1 Reply
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