Hi guys! 👋🏻
🔔 Brent crude price was squeezed in a descending triangle, and a breakout from the triangle was expected, so it happened as seen on the chart
🔔 Brent crude price is traded at $91 trying to hit the key resistance of $91.60 up ahead.
🔔 I do anticipate the price to slow down a bit when reaching the aforementioned resistance, however the path to $101...
Well, as you can see, the price managed to increase up to about $1680 yesterday, exactly from the range of $1660 that was mentioned, that is, nearly 200 pips of growth! Again, from the same range of $1680, the price faced selling pressure and fell again to $1660! The price again reacted positively to this level and is currently trading with 50 pips of growth in...
Brent Crude Oil : Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be...
I will reenter this short again, with OPEC Cutting oil production by 1 million barrels/day CAD is set up for massive strength as oil will shoot. This is a great place to short. Use proper money management. Any manipulation to the upside will not exceed level 1.40000. All the best fellow traders.
Update for WTI Crude Oil:
the price finally retested the broken neckline of a descending triangle on a daily.
On an hourly chart, the market formed a double top formation and broke its neckline then.
It looks to me that WTI will drop soon.
Goals: 80.3 / 79.3
❤️If you have any questions, please, ask me in the comment section.
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Weekly update for WTI Crude Oil.
From the beginning of September, the market was forming a descending triangle formation - a classic bearish accumulation pattern.
Its support was broken on Friday last week.
I believe that it will trigger a further decline.
Next supports: 74.5 / 71.5 levels.
For entries, consider a confluence zone based on a trend line of a...
The wedge has been valid for about 3 months. According to MACD, we can see weakness and bear exhaustion in the price. Considering the current fundamentals, we can expect a sharp movement toward the upper resistance.
CRUDE OIL is trading in a downtrend
And the pair will soon retest
The broken key horizontal resistance
From where a bearish move down
It to be expected
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Brent is cooking wave i of (v) of larger wave C. Short-term target is 120-125 range. Ideal target for (v) is 230-250 range. Expect to see completion of the whole structure sometime mid next year. Fasten your belts.
Bulls and bears are competing for preeminence, and both of them have gained the upper hand now and then. In the long run, we expect the bears to win this battle, though, and to drag Brent to the green zone between $77.10 and $42.16, where it should finish wave III in pink. After a short countermovement to complete wave IV in pink, Brent should enter the blue zone...
Hi guys! 👋🏻
🔔 Surprisingly low US inventories data supported a short-term uptrend of Brent crude, comforting the price to hit $90 this week.
🔔 OPEC+ meeting scheduled on October 5 will be on the watch, as the cartel suggest a production cut of 100,00 barrels per day (bpd).
🔔 Brent once again retested the upper edge of the descending triangle, although the...