Crude oil could be nearing the end of a corrective B wave.
Price just touched the 0.5 extension at 52,51 for what could be wave 5 of C of B but could also touch the 0.618 extension at 52,70.
A drop below 51,31 would go some way to validating this idea as it rules out what could be an impulsive 5 move upwards.
Oil have two big down movement. First one is done, we have second one.
Big target $35-$37. My small target $46.00
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Sell - $59.60
Take Profit - $46.00
Stop Loss - $64.85
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Risk = 8.81%
Profit = 22.82%
Brent crude reached fresh one-month high around $62.50 late last week but failed to preserve the momentum and attracted profit-taking that took prices below the key $60 handle. At the start of a new trading week, the barrel was hit by dismal Chinese trade data that reignited concerns over the slowing global growth and pushed commodities lower.
Now, when global...
Last Friday price broke down a channel. I am not sure if it was a real break down or not. So, I will watch 52.20 – 52.50 range. If rejected there, go short with 49.80 target. But if consolidation takes place, the price will likely come back into channel. In this case, consider longs with target $55 a barrel.
Oil shows biggest gains in two years, gaining over 8% this week after a rebound by nearly 10% a week earlier. As such, Brent has returned to the bullish market territory following aggressive losses during the fourth quarter. Still, the prices are still nearly 30% lower that the October highs above $86, so there is still room for a rally that could continue in a...
Crude Oil Brent
Latest price 61.64, bullish 1-month time-frame.
Target $70.00 for 13%.
Although AUD Vantages isn't particularly confident in the pick Crude Oil Brent against the US Dollar at this early stage in up-trend there are supporting evidences the up-trend will mature. Evidence includes the US Dollar pulling back, Crude Oil Brent being under 1-year...
Crude oil prices are rising for an eights session in a row, which is the longest winning streak since mid-2017. In late December, Brent found a bottom marginally above the $50 handle and rallies since then. On Wednesday, the prices approached the psychological barrier at $60 amid the widespread optimism over the US-China trade talks. By the way, China’s foreign...
Oil is the Main driver of the CAD pair at the moment and has been for the long time. OIL after slipping from the highs the previous is now on the track of recovery. This recovery can be observed in the technical picture as well as the fundamental picture itself. OPEC and NON OPEC countries have largely agreed to cut the OIL production. To support this argument...
Bit more detail on this idea >
Could get a simple ABC to .382 level, or a more complex correction (WXY, or even WXYXZ) to a higher fib level before breaking 42.
