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.
Comments
johhoh104
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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.
johhoh104
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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.
johhoh104
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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.
johhoh104
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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.
johhoh104
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I believe 65 is about to break and that were in for a big drop today in accordance with whats been stated above.
johhoh104
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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.
dwq4do82y8xi7.cloudfront.net/x/lr3bYQcR/
johhoh104
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Waitng for a break yet again while brent is being oblivious to wti falling like rock.
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.