Q: What has the highest probability of occurring?
Since February 2021 price has been stabilising on $65 per barrel.
There is a combination of 2 classic patterns forming at 65.00 support.
The inverse head & shoulders, which is in the process of forming the right shoulder, is currently invalid.
This pattern projects 85.25 as the target.
The double bottom,...
Brent crude has recently made four lower highs on the daily timeframe following the ongoing spark between the US admin and OPEC
Technically I am anticipating price to hit lower lows especially since bears have been able to break the previous major lows around 68.106 in addition to previous break of the trendline to the lower side earlier this week and a break...
Bulls would be taking profit today from last week's BUY order.
Drawing a fib on the daily chart, we are seeing a definite area for price to reverse, however, we are still in a Bullish trend on Oil.
We may see an opportunity for a short-term SELL for Bears to enter right around 59.73 .
Once Bears take their exit for that short-term order, we can definitely expect...
Taking a look at BCOUSD 🛢💵 we can notice that the pair managed to stay above the important fib level of 0.236. The slight spike is highly probable here as the ROC is indicating possible swing with the bounce from the 50 ma.
If you like the idea PLEASE don't forget to hit the LIKE 👍👍👍button
Also share your thoughts and charts here in the comment ⌨️ section
The long awaited correction in oil has kicked off as we got beautiful impulse down with all 5 waves visible and clear.
It could be a wave A of (2). And I expect some recovery soon as another short opportunity.
The next leg target will be updated upon completion of the wave B.
The wave 5 of A is still in progress and could drop lower.