TRDVMA

BRENT OIL ANALYSIS on Daily Chart

FX:UKOIL   Crude Oil (Brent)
140 1 3
Here is a more refined look at Oil             and the technicals and why Oil             should go down
1-Price touches the TOP trend line (cyan in color)
2-Wave             counts seem all complete at almost all Time frames
3-The price has reached almost the middle range of the "weekly resistance zone" (red box with cyan borders)
4-There is an obvious bearish wedge formation visible at 60 min chart, indicating peak of trend.
5-Fibonacci at exact 50% (measured from may 2015 correction point)
6-Strong Divergence at momentum indicators

Projection is 36$ range

Still waiting for a major bear signal to start the bear move.

Keep in mind that this analysis does not consider fundamentals and world events

Good luck.
Comment: Oil gave the thrust signal. Our analysis proved to be dead on the spot. Shorts can be taken at this point with a stop just above the peak. The target is 36$ range. Good luck (SEE CHART BELOW)
snapshot


Oil gave the thrust signal. Our analysis proved to be dead on the spot. Shorts can be taken at this point with a stop just above the peak. The target is 36$ range. Good luck
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