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.
Could be a triangle forming in crude oil before another leg down.
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...
Head and shoulders pattern forming as brent fails to go above 59 level. RSI divergence present. Could also weaken the CAD if it falls.
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.
Update to this idea > Possibly still in wave 5 in ending diagonal
Oil demonstrates some exhaustion on MACD. Move down through $56.05 confirms the idea, but move above 58.05 would invalidate it.
In most trends we see zig zags, which is why on the medium/long term I am bearish on oil, we have just come out of a sudden and dramatic fall, there is a sell the rally mentality, therefore I don't think the oil will fly off in the opposite direction , instead we will see some stability through January and upside to 62 maybe 65 but downtrend will continue in...
There looks to be a morning star candle pattern on weekly chart for crude oil and 5 waves completed at mid 42 level, following from this idea bouncing from the .618 extension > If this is completion of 5 waves from 7690 then its possible that its part of an ABC leg and a correction has started, another leg down below the recent low made at 4220 could happen post...
TVC:USOIL US Oil had a good rally at the beginning of the year. It reached $49 (68% fib on a 4hr chart) then retraced back to $48 (50%). Currently sitting at 50% and looking like it is holding. It is slowly forming an H and S, which is a good sign, if it completes and may signal a reversal. However, this volume is concerning. Either traders are still on...
The first trading day of the year was rather volatile across global markets including oil. Brent crude jumped aggressively after some consolidation earlier in the day, with the prices reached nearly two-week high of $56.50 but settled below the $55 figure ultimately. The rally in the crude oil market was rather a correction though than a sustainable recovery...