akenii
Long

Potential Upside in Brent Crude Oil

TVC:UKOIL   Brent Crude Oil
My first trading idea, here to learn from the experts, please give feedback on this idea.

Several Signals I have identified:
1. Cypher Pattern has confirmed potential reversal zone
2. A support level at 45.48 area is forming
3. Still in an long term upward trend
4. Catalyst moving it up would rely on upcoming OPEC deal on production cut

What to do now?
Wait for a reversal candle to affirm confirmation of entry. Trade on breakout of resistance 47 area.
I see the same possible move to, the 9 ema is closing in to intercept the 50 ema which would indicate bullishness in price and similar to previous support zones the daily candles are stuck! not to mention the long rejection wick. hopefully a 618 retracement upcoming!
Reply
Potential Reversal Zone starts from level 786 level I think!
Still room for bears!
snapshot
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