johhoh104

Trend channel support at 60.50, resistance at 65?

FX:UKOIL   Crude Oil (Brent)
108 19 0
The current trend channel seems to intersect the bottom of a larger trend channel at 60.50, perhaps forming a support. The bottom of a previous trend channel (The dark green line) might create resistance for an upwards movement, breaking the positive trend.

Update. I was suprised to see the bullish wave start so early and took some unneceary losses expecting a downwards recoil. We now seem to have reached the resistance at 65. Despite my previous assuptions, wether the resistance will hold or not i dare not say.

Update. If 65 breaks a big drop could be coming in accordance with chart above. Se my comment below to see what resistanceline i mean by saying "if 65 breaks". Also, despite the title of this idea, naturally the support isnt at 60.50 anymore as it follows the pink line.

Update: Yesterdays breach of the trendchannel seems to have broken my idea since i expected a fast and big drop so this will probably be the last update on this. Were now in the middle of a bullish trendchannel. Where we will go from here i cannot say. Im still biased and invested towards bearish on short term so i will wait to see what happens. But things are undeniably looking bullish on a larger timeframe so i dare not recommend any particular action. I will write a message here when ive sold my bearish investment though. Best of luck.
johhoh104
2 years ago
I might be a bit stubborn but I believe todays breach of the trendline Is temporary and that the bearish wave will resume.
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johhoh104 johhoh104
2 years ago
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johhoh104 johhoh104
2 years ago
Might come a drop now...
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johhoh104 johhoh104
2 years ago
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johhoh104 johhoh104
2 years ago
Update. The drop seems to be taking its time. I still belive the drop will come. The gap between brent and wti has increased by a 1 § since my purchase. Only yesterday the gap increased by 50 cent, when wti fell without similar reaction in brent. Im still holding out for a correctional move today.
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johhoh104 johhoh104
2 years ago
The drop seems to have began to target 60.50. However, I suspect that it might find support a little earlier depending on how quickly the price will fall. See the chart.
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johhoh104
2 years ago
Never a dull moment. Breach of the trendline there. Lets see if it holds.
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johhoh104 johhoh104
2 years ago
Seems like were back on track again.
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johhoh104
2 years ago
Are waiting for wti to breach that supportline .
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johhoh104
2 years ago
Bigger wti. In comparison to brent. Brent generally seems to be more bullish then wti recently
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johhoh104
2 years ago
The resistance was breached attempting to reach the dark green line. Now retesting 65. Brent is being very bullish in comparison with wti. A clear breach ocf 65 may change that with a big drop to follow in accordance with chart originally posted above.
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johhoh104
2 years ago
Waitng for a break yet again while brent is being oblivious to wti falling like rock.
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johhoh104 johhoh104
2 years ago
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johhoh104
2 years ago
I believe 65 is about to break and that were in for a big drop today in accordance with whats been stated above.
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johhoh104 johhoh104
2 years ago
What i mean by saying that I believe 65 is about to break is that this resistanceline will be passed, which also seems to have a twin in wti.
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johhoh104
2 years ago
The big drop did'nt come yesterday. Instead we got a small drop which contained itself within a trendchannel. We seem to be testing the drop from 65 (blue line) and the trendchannel (red lines) today. It hard to say for how long this negativity will last. At least as long as the trendchannel is valid im betting bearish. Despite the title of this idea, naturally the support isnt at 60.50 anymore as it follows the pink line.
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johhoh104 johhoh104
2 years ago
Well its been an exciting day. I have been taking a gamble by remaining passive. I will have to wait till tommorow to see how it goes.
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johhoh104 johhoh104
2 years ago
Yesterdays breach of the trendchannel seems to have broken my idea since i expected a fast and big drop so I will stop updating this idea. Today movements been negative though so im still bearish. I will write a message here when ive sold my bearish investment. Best of luck.
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johhoh104
2 years ago
Sold my bearish investment now at 61.83, as it seemed to turn bullish. Might enter bearish again tomorrow depending on how it develops. I still belive the major resistancelines to be valid in the chart in this comment.
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