Purely a guesstimate as predicting long term is impossible but oil could be in a long term correction (ABC).
Now nearing the end of (b) (shown in bright blue) to the red trendline around the $47 level, before an impulsive move for (c) (of a larger degree B wave) to $95 (point D of the Gartley and between the 0.5 and 0.618 retracement of the larger degree A wave),...
wti is testing a significant level of resistance,
on 4H chart we see a clear rejection of this level and formation of a double top pattern.
market is now breaking a local support level.
I will be waiting for a candle close below this support to open short.
targets will be based on structure.
Update on this idea >
Oil hit 1:1 extension (measured move) and strong resistance, possibly completing a correction to the fall from $76,88 to $42,40. Could now start the post correction impulse waves.
Weekly candle looks like a bearish pin bar and possible bearish divergence on...
The Brent has reached the level of 50% in the Daily and seems to be about to start a new bearish phase. I have identified two possible targets in the graph, one at 38.2 and the other at Fibonacci 23.6.
Single stop loss for both transactions.
I could decide to reinforce my idea short if today's heikin ashi candle, on Friday, should close in short.
Fractals or not really a thing in this market, but i just had to show this one because it looks so similar. I remember back in Sep/Oct that the last big wave up was just to bully out the bears before it would drop. This last move of the past week gives a similar feeling to me. So i took a closer look and i remembered the movement of 2018 and seeing these...
If global growth continues to slow, so too will Brent. If not, then this assessment should be updated. While technical oscillators are important for this forecast, so too is the assumption that global growth is not rebounding, but rather will continue to slow in the EU and China.
WTI had a significant rally after bottoming in Dec. Many traders wonder if its time for a sizable correction or if this bounce is over.
I believe that there are evidence on charts that suggest rally to continue at least to $63. Details are presented on this chart. I CANNOT suggest to enter new long position here at the top of rising wedge but if you already long...
UKOIL (Brent)(April 22, 2019)
0.382 FIBO is done.
Now challenge is to catch highest price.
Sell Limit = $74.80
Take Profit = $66.80
Stop Loss = $81.80
Take Profit = +10.70%
Stop Loss = -9.36%
AUDCAD has been in an overall downtrend so far and seems to face resistance at the 61.8% Fib level.
In addition to the Fib and horizontal resistance, the price has also formed a bearish divergence on the MACD.
Today's strong bearish candle and rising oil prices (positive for CAD) supports our view.