BRENT OIL ($UKOIL): Demand For Oil is Back, But is the Uptrend?
BRENT OIL ($UKOIL): Demand For Oil is Back, But is the Uptrend?
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Brent Oil (UKOIL, USDBRO, OIL_BRENT, BCOUSD) prices are seeing momentum again with Brent Crude forming an uptrend after an ugly start to 2020. Will we continue to see strength for oil, or will the lingering excess of supply work to suppress or even push down price? The chart suggests we have more upside, so let's map out a plan for what we do as oil prices rise.
Resource: www.aljazeera.com/aj...200515163624753.html
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1. Fractal Trend just started showing an uptrend (Aqua bar color) on the 1 hour timeframe for the first time since early 2020.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. Right now we are looking for an entry off of S1 S/R + order block cluster to ride this potential uptrend to our R1 take profit target below the gap at the range formed by prior swing highs, and our R2 exit target above the gap which would then form a gap fill.
4. The only three full position closure conditions here are if we hit both take profit levels, Fractal Trend signals a downtrend (Maroon bar color) and/or the stop loss is hit.
5. If Fractal Trend signals a downtrend, we will then be looking for short setups instead. So keep in mind that although we currently have a fresh bullish bias on oil, that could change quickly depending on what happens with the oil economy and with oil prices.
Good luck family!
✨ New charts every day ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
Brent Oil (UKOIL, USDBRO, OIL_BRENT, BCOUSD) prices are seeing momentum again with Brent Crude forming an uptrend after an ugly start to 2020. Will we continue to see strength for oil, or will the lingering excess of supply work to suppress or even push down price? The chart suggests we have more upside, so let's map out a plan for what we do as oil prices rise.
Resource: www.aljazeera.com/aj...200515163624753.html
---
1. Fractal Trend just started showing an uptrend (Aqua bar color) on the 1 hour timeframe for the first time since early 2020.
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua) and/or bullish S/R levels plotted by Directional Bias (Aqua).
3. Right now we are looking for an entry off of S1 S/R + order block cluster to ride this potential uptrend to our R1 take profit target below the gap at the range formed by prior swing highs, and our R2 exit target above the gap which would then form a gap fill.
4. The only three full position closure conditions here are if we hit both take profit levels, Fractal Trend signals a downtrend (Maroon bar color) and/or the stop loss is hit.
5. If Fractal Trend signals a downtrend, we will then be looking for short setups instead. So keep in mind that although we currently have a fresh bullish bias on oil, that could change quickly depending on what happens with the oil economy and with oil prices.
Good luck family!